Not much has changed on the Daily Fib fan chart, the SPX continues to move-up along the bullish fan line that is also acting as resistance. Heavy support does not even come into play until the SPX reaches down towards the 1275 level. Using JUST this chart, the SPX looks very bullish!!!
The SPX was close this morning to invalidating this count, the 4th wave came with-in 3 points of entering the 1st wave. This is a large retrace for a 4th wave(blue) on top of a short 3rd wave(blue) of only 30 points. The 1st wave(blue) is 33 points, larger then the 3rd. This means that the final 5th wave must be smaller then the 3rd and as momentum is waning, a 5th wave failure, or truncation would not be out of the question.