Important SPX Elliott Wave Update

Important SPX (S & P 500, http://stockcharts.com/freecharts/gallery.html?s=spx) Elliott Wave Update. I might/should also do an annotated chart soon.

I'm using the Short SPX ETF SH's second Weekly View chart to do the SPX Elliott Wave count analysis, see http://stockcharts.com/freecharts/gallery.html?s=sh, and, StockCharts.com has labeled all the important cycle highs and lows since the 3-6-09 (SPX 666.79 Major Cycle Low) SH Major Cycle High.

Wave 1 Down appears to have bottomed at 63.30 in June 2009. Wave 2 Up peaked at 69.32 less than a month later. Wave 3 Down and probably also Wave A Down of SH's Major Downcycle since 3-6-09 bottomed at 47.37 on April 26 2010 (there's an inverse Elliott Wave 12345 down up down up down pattern from 3-6-09 until 4-26-10 = Wave A Down).

Wave 4 Up and probably also Wave B Up of SH's Major Downcycle since 3-6-09 peaked at 56.04 on July 1 2010 (I'm assuming SH hit important cycle highs/lows on the same dates that SPX did).

So, the Short SPX ETF SH is probably in Wave 5/Wave C Down of the Major Downcycle since 3-6-09, and, it's probably Wave 5 Down of Wave 5/C Down, which means that SPX (S & P 500, http://stockcharts.com/freecharts/gallery.html?s=spx) is probably in a final Wave 5 of Wave 5 Up move now. Ciao