SPX's (S & P 500, http://bit.ly/i0nsT) Near Term Elliott Wave Count, see the Daily View chart one at http://stockcharts.com/charts/gallery.html?s=spx. The decline from 1219.80 on 4-26-10 to 1065.79 on 5-6-10 is probably a Wave A Downcycle, that did a down up down pattern, that's probably Waves 1 down, 2 up, and 3 down of this Downcycle since 4-26-10.
The post crash bounce since late 5-6-10, that peaked yesterday 5-13-10 at 1173.57, is probably Wave B up and Wave 4 up of the Downcycle since 4-26-10. The current decline since yesterday 5-13-10 is probably Wave C and Wave 5 down of the Downcycle since 4-26-10, an example of an Elliott Wave ABC down up down downcycle that also has an inverse 12345 down up down up down pattern. Watch the downside gaps/magnets at 1110.88 and 1056.74.
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