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

1392.92 is an important level now in the SPX. Because the initial move up from the April 10 low was in 3 waves, the price action since April 10 is most likely corrective, and downward movement is likely to resume almost immediately, with a short term downside target of 1348. However, if the SPX moves up into the price territory of what is labeled on the 15 minute chart above as blue 1 (above the April 5 low: 1392.92), wave 5 pink to the upside would likely be underway in the form of an ending diagonal, with an eventual upside target of 1449, where wave B (burgundy) would reach 1.382 times wave A (burgundy). The probability of this more bullish eventuality is increased by the fact that the DJIA has already moved up past what would have been labeled wave 1 blue there.

For my longer term main and alternate counts for US equities, see my March 24 post on the Dow Jones Industrial Average.

Sid
http://elliottwavepre.wpengine.com