SPX 15m 4-23-13

SPX 240m 4-23-13

SPX 4-23-13

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

The fairly clear 5-wave impulse to the downside in the S&P-500 from April 11 has now been retraced by slightly more than .618, creating a textbook Elliott Wave short. 1597.35 is invalidation, and even if the more bullish alternate is correct, there is likely another 5-wave move to the downside imminent before the moment of truth between the main and alternate counts comes into play.