S&P 500 - The alternate count died yesterday

The break above 1,105.48 yesterday "killed" the possibility, that the decline from 1,105.48 to 1,042.17 was the first down legg in a new impulsive decline. That also added support to my favourite count, that we should still see the correction reach the 1,130 - 1,150 area, before setting the stage for the next impulsive decline.


Taking a closer look at the rally since 1,042.17 wave C should be a impulsive five wave rally. The best count for that move is seen below. If this short-term count is correct, then we should be in wave 4, which should terminate in the area from 1,080-1,082 before wave 5 of C take us higher towards the ideal target-area near 1,130-1,150.