S&P500 Short-term: Rally or Rollover?

We are at a juncture where the market could go eitherways, and that is exactly what might happen today - up then down. But it is a tough call. We are neither too overbought nor too oversold. If you are thinking of an entry, this might not be the best time. Day-traders are exempted, of course ;)

I maintain my outlook from previous post. Preferred scenario in green. Short term up to test 1104, then down to 1080-1088 range. For the next week or so, I believe we are in a elliot wave complex correction upwards that may last a while. Expecting the b wave down to 1080-1088 range, before rally c up (not drawn on chart) into the weekend and next week to break 1104.

Watch for a break of the (red) trendline. Alternatively, if we breakout of 1104, next target 1110 and then 1120. A complete breakdown to new lows - least probability view.

Feel free to suggest your views folks! Thanks to Tim Knight of Prophet.Net for the charts software.