With the new high it’s now possible to suggest a completed impulse wave from the 25th March low. So a pullback/decline is favored soon, a strong move below 292.50 is needed to further argue for a move lower. There is a way to allow for a minor new high to end wave 5 (see insert), I would again look for a rejection and a move back under 292.50 to support a decline.
Based on the bigger picture wave count for the Dec 2018 low, the recent high could well be an important one. A decline in 5 waves would be a strong sign to support a reversal and further weakness.
