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

The upward movement from the November 1 low can be interpreted as a triple zigzag, and reversed right at the .786 fibonacci. The aggressiveness of the downward movement over the last 7 hours brings back the likelihood that the October 27 high may not be eclipsed this year or next, and is therefore the start of Wave C Burgundy, although the possibility still exists that after a black wave B (moving in 5 waves to around the A/C equality target of 1201 by mid-November), a seasonal year-end wave C black rally may follow before a larger burgundy wave C gets underway.

Sid
http://elliottwavepre.wpengine.com