Elliott Wave Analysis of the S&P-500 (SPX) – Quick Update by Sid at ElliottWavePredictions.com. Click on the chart twice to enlarge.

If wave 5 blue within wave 1 black is still underway as an extended 5th wave, the next most typical target is where wave 5 equals the net traveled by waves 1 through 3. That target is at 1293.7. The best alternate count is that waves 1 and 2 black already finished in a flash, and wave 3 down is already underway, with a long way yet to go. The alternate count is less likely because a wave 2 at intermediate (black) degree normally lasts a lot longer than twenty-four hours.