First chart shows that since the year 2000 the S&P 500 has been forming a corrective pattern. Not shown is the several decades of rally that is being corrected, so the fourteen years of correction so far is entirely proportionate. Wave B is complete, and wave C is now in the early stages, with the market embarking on a journey to (much) lower levels, certainly below the 2009 low.
Second chart chart zooms in on wave B from the first chart, to count the entire rally from the 2009 low. The rally counts as complete.
Third chart zooms in on wave 5 of the second chart, to show that the structure of the rally from the June 2013 low is complete, an interpretation boosted by the recent trend line break. I believe the rally pattern must be counted as an ending diagonal, due to the corrective action in each of the waves 1-2-3-4-5. It is unusual for an ending diagonal to show no overlap of wave 4 with wave 1, but although rare such a thing is not unheard of.
Fourth and final chart zooms in on wave c of the third chart, to count the rally from the April low to September's peak, and to show the subsequent decline. A move below the peak of wave 1 will be the final nail in the coffin of any remaining potential for new highs. The trend line break renders that rally possibility a slim one chance.