S&P 500 is now moved to the next best bullish alternative in the short term. I discussed this alternative last week as it showed up more clearly on the Russel 2000, and its now playing out on the S&P as well. That what was looking like a wedge to most Elliotticians could be a running triangle. The breakout from the running triangle is a wave C impulse. We are now in wave 5 of that impulse. Targets could range from 1550-1591.