SPX Needs to Fill the 1124.83 Downside Gap to Hit a Monthly Cycle Sell Signal

SPX (S & P 500, http://bit.ly/i0nsT) needs to fill the 1124.83 downside gap to hit a Monthly Cycle sell signal (doesn't guarantee that the high's in, just that it's risky trading long). The Monthly Upcycle since 8-27-10 AND probably also the Wave 2 Intermediate Term Upcycle since 7-1-10 are peaking.

Even though SPX (S & P 500, http://bit.ly/i0nsT) doesn't have a clear Elliott Wave 12345 up down up down up pattern since 7-1-10, see http://bit.ly/i0nsT, the largest component of SPX, XOM, does, see http://stockcharts.com/charts/gallery.html?s=xom.

I think SPX (S & P 500, http://bit.ly/i0nsT) is probably doing a bearish failed Elliott Wave 12345 up down up down up pattern since 7-1-10, like GOOG is doing, see http://stockcharts.com/charts/gallery.html?s=goog. Since early July GOOG did an up down up, then, Wave 4 down bottomed below Wave 2, 447.65 versus 457.52, and, is in Wave 5 peaking/peaked now.

So, SPX (S & P 500, http://bit.ly/i0nsT) should soon do a large Wave 3 Intermediate Term Downcycle = 1.618 x the Wave 1 Downcycle (1219.80 to 1010.91 =) -208.89 points = -338 points, which provides a Wave 3 cycle low target of 1162.76 (if SPX peaked) - 338 = 824.76, with gaps at 825.16 and 811.08, so, SPX could hit 810 or less in the next few months. A Wave 2 Intermediate Term Cycle High must first be established of course.