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

Here’s my wave short term wave count for the SPX, which expects a bit further downward movement, with the most likely target at 1216, (where wave c green equals wave a green). This should be followed by a rally over the next 1-2 weeks to the 1285-1305 range, or potentially a bit higher (but likely not above invalidation at 1356), before the significant turn lower.

As goes January, so goes the year, and I think January will be lousy. My eventual downside target for the S&P is still at 869 in October/November of 2012.

Sid
http://elliottwavepre.wpengine.com