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

The main idea remains the same: Because I can count 5 waves up from the November 25 low (1158.66), it is highly likely that there will be another 5-wave impulse to the upside to complete a zigzag for wave Y black, terminating above the December 5 high of 1266.73. If this expectation is correct, it must occur before the November 25 low is taken out. Wave B blue to the downside may not be complete yet though, but is most likely to end in the .618-.382 fib zone (1200-1225). Once wave B blue is “in” for sure, upside targets between 1266.73 and 1356.48 can be set. So far, downward movement from the December 5 end to wave A blue is choppy and overlapping, and even includes a new higher high (Dec 7) within it. Also, the little upward December 7 push to the December high was clearly a 3-wave structure. These facts are causing me to continue to expect one more upward impulse before the larger wave C Burgundy to the downside commences.

For a perspective on my main SPX wave count going back through May, please refer to the November 30 post.

To see my longer term count of the SPX going back into 2007, please refer to the September 20 post.

Sid
http://elliottwavepre.wpengine.com