In pitchfork terms, the stall that we're currently seeing follows a hit near the upper line of the new green fork. Price quickly fell back down below the median line of the old blue downward fork and is struggling to get back above it:
SPX 15 min pitchforks:
In terms of the elliott wave count, you'll see from my earlier post that a further high would make an ideal looking 5 waves up from the [B] wave low. If that is to happen, we may see a further move above the median line of the blue fork and towards the upper line of the green fork, but, if we're seeing a 5th wave up, we may see a failure to get to the upper line of the green fork, and a collapse back down as wave [C] completes (or wave (1) of [C]).
If we are only seeing wave (1) of [C], then we may expect further upside to get back to the upper line of the green fork and the upper line of the blue fork after perhaps a false break below the median line of the green fork. We might even see a new, steeper upward fork form to accommodate an acceleration move for (3) of [C].
If we simply break down below the green fork altogther from here - that's going to be pretty bearish.
