Elliott Wave Analysis SPX S&P500 (ending diagonal scenario) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge. This ending contracting diagonal Elliott Wave count calls for one more upside push to a new high to end the 26 month old bull market. In this scenario, movement below 1325.7 invalidates, the max high is 1405, and 5 waves up to complete wave C blue completes the structure.

Note added after the close, Monday May 16: This count was invalidated by a late day surge below 1325.7. Good. One of the counts is gone. Now, all that is left is 1) the top is in, 2) we’re in a triangle, and 3), we’re in a flat.