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

The choppy upwards movement since September 26 may be an expanding diagonal. If it is, the SPX must rally to above 1460.51 before moving below 1435.60. If that occurs, subsequent movement below 1430.53 would likely indicate that a top is in.

If price moves below 1430.53 before moving above 1460.51, wave 4 pink is likely still underway, although any movement below 1407.14 likely indiates that a top is in, if the longer term underlying wave count that expects a Burgundy B top very soon is correct.

Sid
http://elliottwavepre.wpengine.com

P.S. I was so glad to hear that Jim Cramer dissed chartists on his show yesterday. I can’t imagine a stronger endorsement of the value of technical analysis.