S&P 500 made clear five waves from the 2319 level, where a bigger corrective wave IV) as part of a bigger cycle had ended. This five-waves were later followed by a temporary, three-wave pullback which found support near the 2720 level, from where a new strong rally started to take place. We know that after a three-wave pullback fully develops, that is when the trend may continue its path, in our case to the upside. Also, a break above the upper channel line can be another evidence of a change in trend.
Nothing moves in straight lines, so be aware of a temporary pullback, once wave 1 of a new bullish cycle fully develops.

S&P 500, Daily