I'm Pretty Sure That the SPX Bounce Since 6-16-11 is a Counter Trend Wave B/Wave 4 Upcycle (likely scenario, can't be certain), of the Intermediate Term Downcycle that began on 5-2-11 at 1370.58 (SPX put in an Intermediate Term Cycle High on 4-26-10, something to keep in mind in April/May 2012), see http://stockcharts.com/freecharts/gallery.html?s=spx.
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