S&P 500 ~ Elliott Wave Count ~ 17 April 2012

It looks like I was a bit too early when I marked 1388 as the wave [x] top. The SPX hit 1393 today so wave [x] is still underway. Despite the new high not much has changed. I still think the 1390-1400 area is very important. As long as we stay below it, the trend is down and wave [y] should follow.