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

Here is a quick update of my main wave count for the S&P-500, including some updated targets for the end of upward movement. Please note that from the March 6 low, wave 3 green was shorter than wave 1 green was, so the wave 5 (green) that is underway now cannot be longer than wave 3 green was, so there is a ceiling to upward movement as noted on the chart, if this wave count is correct.

Also, the VIX closed yesterday back above the lower Bollinger Band, triggering a sell signal on the SPX. Also, the spread between the expectations of the smart and dumb money according to SentimenTrader.com is as wide as I’ve seen it since subscribing, so sentiment conditions are quite ripe for a turn. See my last post for more on traditional VIX trade signals.