I mentioned three-wave structures last week. Here's what I was thinking. I think the S&P 500 is creating a fractal inside a fractal. This is a 240-min chart.
Below is the S&P 500 daily chart. Until a three-wave structure on the smaller time frame morphs into a five-wave impulse structure, I'll still be looking for the daily chart to resolve higher (above 1474.51) into May or June of 2013.
Granted, these are very rough scenarios and many others could occur. But this is where I'm at lately.