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

If the May 1 high is going to hold, a top in the SPX is quite near. My short-term main count is that the August 7 high is the end of wave 2 black. My short-term alternate count is that wave 5 purple of an orange wave 5 ending expanding diagonal is incomplete. Invalidations and targets are on the chart.

Another clue that there is limited upside is that while equities have meagerly attempted to rally today, the Euro has moved lower.

Sid

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