S&P 500 ~ Elliott Wave Count ~ 23 March 2011

The SPX gapped down into the support area between 1286 and 1289. From there it rallied and hit 1300 again late in the day.

Short-term the uptrend is intact. We've seen higher lows and higher highs so only a convincing break of 1284 would change the short-term trend.

If we break 1300 1305-08 should come next (above we got the gap at 1320, and some strong resistance at 1330 and then at 1345):

Although there are still many possible EW counts I still like the W-X-Y count. If the market doesn't rally above 1308ish wave Y down to 1220ish should follow next (confirmed once we get a convincing break of 1284).