As long as the SPX keeps bouncing from the support levels and not breaking them, you shouldn't even dare to short the market:
As for elliott wave: it's very difficult to count such slow grind ups since fifth waves can often extend almost endlessly. So in these situation I usually focus primarily on support and resistance levels and the overall trend. If I had only focused on EW I'd probably be out of the market since 1330 missing the last 40 handles. Very often it's better to concentrate on the bigger wave (wave [iii] up) instead of trying to guess the top i. e. the end of subwave (v).
