FractalTrader
Short

Pattern indicates an intermediate top could be approaching

FX:SPX500   S&P 500 Index
328 1 11
Elliott wave ABC flat correction could be completed in the 1947.5 - 1960 area, after which the downtrend including new lows would likely resume. As always, there are other pattern variations that could play out, but the implications of this particular pattern has enough significance to keep and open mind and be ready for it.
This is puzzling, and bittersweet. It's getting to my target, but rather than forming a 5 wave impulse to complete a flat correction as I anticipated, the short term pattern appears to be a WXY corrective pattern on the right. Either way, 1960 should be a turning point. It's a bit of a head scratcher, and it essentially means my higher degree count is suspect, so I'll simply go with short term patterns until the picture clarifies.
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