Was forced to come down with his GDP which was way ahead of most macroeconomic analysts view and market responded for that, with selling of cource.

By doing so, the range is still the same, 1295 sold, 1284 central pivot didn´t even try to stop that and heading to 1274-1280 was imminent. The given and estimate range kep it well.

Before that happened market took still just one higher high to place potential fifth of third which of cource finished one full impulse of then ABC leg to the up, it abandon to sell this yesterday and also before Bernanke´s report because W3 / W5 divergence was not there for very small timeframe.

Alternates are there, if market is still bullish it likely will do ABC sideways movement still in this same range before giving next higher high as 1310-1313, however we are in zigzags waves and to place X-line for any impulse retracement might also be danger game because market simply is in zigzags only.

It will try to protect this 1274 likely but since 1244 fall short of ideal target and we have now hourly ABC up, it can just land all the way down to test previous low set so far (~1250). My best guess is that it is going to protect this bullish view with next day retracements and that puts us still to range market.

1262-1274 at least should keep it even FED´s view does not courage anyone to buy much.

However, once and if it goes up from there on next week and reaching 1310 it will set another dramatic short setup, so kind of this does not lead anywhere yet.

Overall, 1310-1320 should be seen on next month however, from where it drops again.

All of this follows possible daily chart cont. triangle for SPX which is one zigzag pattern exist on there. There is 2 another alternates for this I see: One is we dropped A wave down and this is in corrective B phase up and it is doing to drop another 100-120 points as C wave later during the summer or autumn once finished. This is second scenario is shortset with 1310-1325 area.

Third one is that market did do one corrective wave and it is missing one more impulse for 1400-1425 area which would be disaster, because I see it to fully end there also and in that case none kind of correction would not be even seen yet.

All in all, pretty “locked” market with all scenarios, but overall all of these scenarios suggest the same, buying areas are 1240-1260, exit & short areas are 1310-1325. If considering missing fifth impulse then more close of 1400 is exit gates. I feel somehow secure with it however, because I do not see it to be on the way much anywhere.

Still keeping dailychart contracting triangle as most obvious, secondary scenario is missing impulse.

Third one is the best thing which could happen for this market would be to drop one full C wave down to finish ABC correction and breake this 1244 the universum is watching during next month to autumn and give that another corrective leg. It would lead us to the 1100-1200 range and DAX somewhere 6500 area but would also stop this correction and open bullleg up for the rest of the year but this is unlikely to happen yet as long as market will enter for longs while and if it is getting close to it (1244).

If this will be broken some day, it will be violent hit and big fight level but yet it is not time to look at it yet.

Range market & nothing changed.

Because there is one ABC upleg from the bottom now, which today took first time candles down, I do suggest to be carefull when and if it attacks first time up once and if first correction legs placed, because if it do so from above of 1274 going up with small zigzag, it can try to place once W2 retracement for it which would open W3 road down and that would be ugly because then market could be inside of potential fifth wave down.

By dropping further and below of 1262 would make it better for bulls where potential B can retrace again deeply.

This might be ahead on next week, it is not difficult to see all of these because wave scenario areas are the same all the time which just then brakes for smaller TF´s. In EW if something is possible, it allways happens but as next it alternates again allmost in the immediately etc Based for that what SPX have in hourly charts, bulls need to wait yet for many days before any higher high is placed because alternates have bearish suggestions in here to make where potential ABC corrective upleg for upside is done.