The best way to describe where I think we are right now on the S&P 500 is to just show you the count. I am still knocking the rust off of my Elliott Wave skills, but I really do feel that there are a lot of technical aspects within the larger market that support my assertion.
If we count up from the lows set at the end of March, we can see that the S&P 500 has made three distinct waves up. The characteristics of these three waves on the daily charts indicates that this is a motive wave higher. That is, this could not have been a corrective three up. That means we will see more movement to the upside after a brief correction down to somewhere between 1450 and 1465. I will talk more about those price targets tomorrow.
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