S&P 500 ~ Elliott Wave Count ~ 18 June 2012

The SPX opened slightly lower today and tested the neckline at 1335 shortly after the open. The rally then continued and we went as high as 1348 which is only about 1 % below the huge resistance area at 1360-65:

As long as there is no decline below 1326ish, the medium-term trend is up.