We just might have seen a fifth-wave failure in the S&P 500. Comparing with the Dow Jones Industrial, which reached a new higher high above the February 18 top the S&P 500 haven't made a new high. The last part of the rally from 1,248.83 has been quite steep, but technical weak. Maybe Apple and Goldman Sachs was telling us something: http://theelliottwavesufer.blogspot.com/2011/04/apple-telling-us-something.html http://theelliottwavesufer.blogspot.com/2011/04/goldman-sachs-also-telling-us-something.html
Zooming in on the hourly and the 5 minute chart below, we clearly can see the possible fifth-failure ending the rally from July 1 - 2010. The decline from 1,339.46 is a five wave decline, which is the first sign, that the previous trend might have turned. If we have seen the final top, then we should see a correction higher towards 1,320 and possible 1,329, before the next leg lower.
We just might have seen a fifth-wave failure in the S&P 500. Comparing with the Dow Jones Industrial, which reached a new higher high above the February 18 top the S&P 500 haven't made a new high. The last part of the rally from 1,248.83 has been quite steep, but technical weak. Maybe Apple and Goldman Sachs was telling us something: http://theelliottwavesufer.blogspot.com/2011/04/apple-telling-us-something.html http://theelliottwavesufer.blogspot.com/2011/04/goldman-sachs-also-telling-us-something.html 
Zooming in on the hourly and the 5 minute chart below, we clearly can see the possible fifth-failure ending the rally from July 1 - 2010. The decline from 1,339.46 is a five wave decline, which is the first sign, that the previous trend might have turned. If we have seen the final top, then we should see a correction higher towards 1,320 and possible 1,329, before the next leg lower.
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