Quick Update on the S&P-500 (SPX) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.
So far, the upward movement in the S&P from the December 31 low is eerily similar to many of the up waves since the March 2009 low. A fractal of this odd looking impulse has occurred numerous times recently at several different degrees of trend, and features:
1) an explosive blast-off for wave 1
2) a tiny wave 2
3) a lazy, grinding wave 3
4) a wave 4 that is larger and longer lasting than wave 2 was, with a new high in the middle of it, and
5) a quick, short, possibly truncated wave 5
If the fractal is repeating itself again here, price will unfold as depicted in the above chart. Any movement below 1465.47 invalidates the more bullish alternate shown in the last post, and also indicates that a top is in for the main count.
