A profitable bounce is imminent. However more down ahead is expected

SPX traditional view
All targets of the sells (the Rising Wedge 1380.xx and the H&S 1372.xx) met. I speculated a bounce targeted 1380.xx at 13.03pm when SPX was at 1370.0x. However it didn't happen. It was a warning sign for my bulls. May be a profitable bounce can only be found at 1357.xx -1358.xx.
When we take a look at the daily chart we see many bearish factors are in:
Price crossed down the MA20 and MA50 and goes deeper into the Ichimoku Cloud.
RSI, Stochastic and MACD are bearish crossover. The MACD Histogram revealed only the 1st red bar which implies that further downward movements will be seen.
For the trading with traditional view, a bounce will be considered as a chance to sell or short.

The Elliott bullish view
Need to see a big bounce on Monday before 1359.67 (the low of 4/23/12) and that bounce must lead to a huge up day next. I personally don't favor this view.

The Elliott bearish view
If 1357.38 (the low of 4/10/12) is not respected in next few days, the wave C of the correction ABC will be unveiled and I expect the next target of bears would be 1312.xx.

Trading
A continuous down day Monday would be a buy for aggressive bulls who play the rebound.
A rebound Monday would be considered limited and may offer chances to sell.

Expecting a further pullback? Different views show 1384.xx, 1380.xx, 1372.xx supports

13.03pm SPX@1370.0x
It might be the moment to get long for rebound playing. Target may be 1385.xx.
This play is for aggressive counter-trend players only.
=> My recalculation finds max target at 1380.xx not 1385.xx


Traditional view 
A big rebound at 1384.xx is preferred and would say bull is healthy.

However, the textbook target of the Rising Wedge is 1380.xx
But the textbook target of this H&S pattern is 1372.xx.

The Elliott bullish view may think that an abc corrective (of the 5 waves up possibility that began since the low of 4/23) is done or about done and a rebound is imminent.

The Elliott bearish view is getting more feeds to the possibility that wave C (of the corrective waves ABC that initiated since the high of 4/2) is dawned.

A down slope of MACD and Signal Curve hints a further pullback.

Traditional view, some arguments for bears (Hourly chart)
Looks like a Bear Flag or a Rising Wedge. That all favors a formation of a H&S pattern.
A down slope of MACD and Signal Curve hints a further pullback (may be after a small push up).

Elliott very short-term bearish view
Expect a formation of an abc corrective pattern in a bullish scenario.

For longer time frames please review my last 2 posts

Any consolidation ahead or just a small pullback which offers buying chances?

Traditional view
The Tuesday green of the SPX add more bullish factors to the daily chart. However the pullback seen on the hourly chart that violated the high of the Friday 4/27/2012 shows that the 1415.xx might be a hard resistance zone and a further dip is opened.
With bullish arguments in hands, a pullback may be a buy if we can manage well the stop loss.

Elliott bearish view
As long as 1422.38 is not taken out by bulls, there is still a possibility the market to fall to make an ABC correction with destination lower than 1357.38. However, it seems that this possibility is becoming dimmer and dimmer.

Elliott bullish view
There may be some pullback to form wave 2 of the motive 5 waves up or a consolidation in the zone limited by the support 1386.00 and the resistance 1415.32 before a higher high would be made.

Might pullback go on to test 1384.xx?

Traditional view
Bullish in all aspects except that the pullback may continue and the rock support 1384.xx might be tested.

Elliott bearish view
Still opens the possibility to a further and steeper sink to form the wave C of the correction ABC which began from the April 3.

Elliot bullish view
The 5 days drop from the April 3 was just a deep pullback and it was not a part of an ABC correction. The rally began from the 4/24 might be the first motive of the five wave pattern up.

Trading
Aggressive bulls/bears may watch 1384.xx to go long (if unable to break down) or  to go short (broken down).
Cautious bulls may want 1408.xx broken out to confirm long.
Cautious bears may want 1357.xx broken down to go short.