Elliott Wave Analysis of the S&P-500 (ES futures contract) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

This more immediately bearish alternate wave count appears to be as legitimate as any any other I can conjure up at the moment. (For a larger look at my long standing main wave count for the S&P, see the November 30 post, which shows the SPX count back through the early May 2011 high.)

In Monday’s post this week, a potential Santa Claus rally to above 1266 was depicted, and that count is still legitimate, but because the internal wave structure for the entire month of December has been quite choppy and ambiguous, and because the next big move I’m expecting is to the downside, staying alert for wave counts that expect an earlier downside break seems prudent.