S&P 500

US indices rallied in 5 waves up after the correction at the start of the month. A clear indication that the up trend is in tact. However we cannot rule out a short term pullback after 5 waves up. That apart the larger trend up should continue in wave III. Note some alternate markings at the bottom showing wave Y of 4. This alternate I discussed a few months ago and was recently adopted by Robert Prechter in his latest Elliott Wave theorist at the primary wave count.