FX:SPX500 S&P 500 index of US listed shares
This is rather subjective and there are different ways to look at it. This is the count I feel the most comfortable with (This is not ).
I think SPX is awaiting a IV and a V.
The IV awaited is to be coupled with II (Sep12/Nov12: 11%, 8 weeks)
Including the correction and the rally, the 09 rally could have another 6 months to go.
Anyway. which ever count you use, the apex is becoming very narrow and it is unlikely SPX is going to respect that many month to 2200.
A decisive break of the cone is imminent - Question of weeks. This is often the case in wave IV before a V outside of the cone.