S&P 500 - Wave C of 2 is devoloping nicely

As we broke through 1,085.20 on Thursday it said, that odds had shifted towards my alternate count (see the chart above) The price action Friday confirmed the shift as we saw a break above the former top at 1,099.36 confirming that wave C of 2 was in progress. If wave C of 2 becomes as long as wave A of 2 was, then we should see a rally towards 1,144.00, which would be just above the 61.8% retracement of wave 1 down.

Short term support at 1,088.85 and maximum 1,079.70 should hold and setback before the next rally towards the 1,116 area, from where we should see some kind of flat develop and then one more move higher towards the 1,140-1,144 area before the next big decline sets in.