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

Movement in equities and currencies is suggesting the possibility of a triangle formation, which means that downward movement may be quite limited at this time. 1191.48 is the SPX “line in the sand” between a running triangle and an expanded flat formation. If this is a triangle, and I think there’s a pretty good chance of it, price in the SPX is at about as low as its going to go now before the triangle completes, which would be followed by an upward terminal thrust. If price manages to move below 1191.48, an expanded flat is likely underway, and 5 waves down from the October 18 high would be required to finish the structure.