FX:SPX500   S&P 500 Index
S&P             approaching initial target for wave i of 3 off the June low.

Green count is my preferred count. This count has an extended 5th wave of i, but targets the 61.8% extension of 1-2 which is a typical target for i of 3. The more bullish white count is also possible, assuming a high consolidation that takes out the presumed near-term top. The move to green ( iii             ) works better as 5-waves with AH data than in cash (e.g. SPY             chart). Yellow expanded flat with deeper wave c of 2 looks more probable on other indexes (e.g. IWM             ) but also feasible here. Directly taking out 2185 and 2191 with strong volume would suggest a more bullish posture than even the white count shown.

Special thanks to Avi Gilburt and team at http://www.elliottwavetrader.net for their assistance with this chart.
Ending Diagonal to complete the move off the lows? No support broken yet. Signal level for run to 2300+ not taken out. Still holding LT long positions. Not adding yet, and certainly not shorting while price refused to break even minimal support.
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