SPX 15mm 4-25-13

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

The retracement of the downward movement from April 11 through April 18 has deepened. My current main and alternate counts are shown above, and both still expect a large downward impulse to below the April 18 low before the April 11 high is taken out.

If 1597.35 is eclipsed to the upside here though, I will label the April 18 low as pink wave 2 (a double zigzag, not an impulse), and pink wave 3 within blue wave 5 will likely carry much higher, eventually reaching my alternate high target for blue 5 at 1672.50, where an extended blue wave 5 would equal the net traveled by blue waves 1 through 3.

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