S&P500: Larger Trend Remains Bullish

We expect further rise on the S&P500 after a push through 1423 high in September. That break suggests that market is in another three wave cycle, now counted from 1269 low that represents a second zig-zag in wave (Y) of a complex wave Y of D) that is part of a huge reverse triangle. If we are on the right track then market will continue higher, which means that current pull-back from the high is corrective wave B), but in such case support is near. We will be tracking intra-day price action very closely for any bullish reversal signs.

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