SPX's Short Term Wave 1 Upcycle Peaked at 1105.67

SPX's (S & P 500, http://bit.ly/i0nsT) Short Term Wave 1 Upcycle Peaked at 1105.67 on Thursday 6-3-10, Dramatically Rolling Over versus the 1103.52 cycle high, of the Monthly Upcycle since 5-25-10 (potential/"likely" Monthly Cycle Low at 1040.78 on 5-25-10; less likely now, due to the continuing BP oil spill and new Europe debt/fiscal/economic fears), see Daily View chart one at http://bit.ly/i0nsT.

Note the Elliott Wave 12345 up down up down up pattern from 5-25-10's 1040.78 cycle low to 6-3-10's 1105.67 cycle high, with the first bearish red candle with a large spike being the first up down of that Elliott Wave 12345 pattern. Friday 6-4-10's very sharp decline is very likely a Wave A down type of move, of a Short Term Wave 2 Downcycle (if SPX bottomed at 1040.78 on 5-25-10) OR a Short Term Wave 5 Downcycle (of the Monthly Downcycle since the 4-26-10 1219.80 cycle high).