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

While it appears that the August high will hold in the DJIA, as I’ve been showing in my weekend “Counts” webinar the last two weeks, the S&P still has a last-ditch chance of making a slight new high before the central-bank-jawbone-delayed black wave C commences. It’ll have to swim upstream to do it though, because 240 minute MACD divergence is already showing in most equity indices and currency pairs, including the SPX and US Dollar Index (as shown on the charts above). Movement below 1391.74 will indicate that a top is very likely “in”. The updated S&P main and alternate roadmap is on the chart.

Sid
http://elliottwavepre.wpengine.com