Looks like now SP500 is back again unfolding as per analysis in prior post. Not much new to write. The shaded area (1335 area) on chart is a low risk zone for long positions. If up move materializes, there is enough distance to get paid without requiring market to make new high. The VIX (bottom panel) is extended to upside. If last VIX peak is an indication then may be 1-2 more higher bars. That will push down SP-500 to long zone (shaded area). The green line on chart is the first target area for partial profits with tight stop on rest to participate if the longer term uptrend resumes.
Prior analysis for SP500 on Apr-13 is available here. Since then market seems to be unfolding as per analysis forming a 2 legged ABC correction. Actually the B leg unfolded slightly different from the way I thought it would. So I wasn't clear in between on what was happening. When it is not clear, best course in my opinion is to just wait till it makes sense.
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