Elliott Waves Counts: S&P 500 Short

I have been maintaining a very long-term count for S&P and if my count is correct, currently we are in the 4th wave of a 5th of a 5th. However, I believe in terms of duration, it is too short a time to have ended the correction. This the current up move (labeled W-X-Y) is actually a connecting "X" to a complex combination. What this means is that my bet will be on S&P to fall below the recent low. The current high is also very near to the previous peak made.

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We are almost reaching a critical support price for S&P. Take note of how the price will move this week.