The daily P&F chart for the S&P 500 went bearish during the correction and will not reverse this signal until the market hits 1480. I will go with the original targets on the P and F charts before this reversal occurred as I have no faith in the new bearish signal. Using the measurement of the blue one leading diagonal on the chart below added to the blue 4 low, yields a target range of 1485-1521 for the S&P 500. The original bullish P and F target range from the weekly and daily charts was 1500-1550. The market appears to be in wave three of three of one of five now if the count below is worth anything. If the cash index can break over the high of the 5th, there will be a double bottom target of 1516.
|S&P 500 Index|
There is also a smaller double bottom on the S&P 500 E-Minis that targets 1462.
|S&P 500 E-Minis (Dec)|