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

This last push to the upside appears to be pointing to 1279 on January 3rd/4th, needing only to complete wave 5 pink to the upside, as shown. If this count is correct, the high for 2012 in equities will occur within the first trading week of the year. Please notice that wave 3 pink is shorter than wave 1, so wave 5 cannot be longer than wave 3 was. This creates a maximum for this rally at 1288.50. Also, 60 minute MACD divergence seems to be setting up nicely.

There are alternate wave counts to be sure, the most plausible of which are listed on the chart. For a complete explanation of my long, intermediate, and short term wave counts for the world’s major stock markets, commodities, and currencies, please join me for my weekend “Counts” webinar. If you cannot attend “live”, you’ll automatically receive access to a streaming video recording or it immediately afterwards. Here’s more information, including how to enroll . .

I hope everyone had an enjoyable holiday season. Happy New Year!