This is one of the major failings of Elliott Wave, IMO. I am a proponent of EW as a tool and I use it, but it's usefulness as a trading tool on a day-to-day or even week-to-week basis iseems questionable to me. McHugh uses EW as one of his tools as does Prechter, who's also calling for a catastrophic wave down. I think we will eventually get a retest of the March lows, but as long as the weekly trend line remains intact for the S&P, calling a top seems rather silly to me. Someone wants this rally to continue (until they don't anymore).

My 2 cents: watch the trend line and see if the S&P can close below it for more than a day. If you're determined to follow McHugh, wait for a retracement of an impulse wave down and then wait to see if the market can make a fresh low. If it makes a new high instead, you can toss that top call right out the window.