On March 19, I wrote my first Elliott wave post calling for ideal SPX high to occur at "2250-2500 Q2 2017 to Q2 2018." This was valid as long as INDU stayed above its YP, which is has every single trading day since then.

Here is the chart from that post. No rewind on data feed! SPX close 2049.58, let's say 2050.

Here we are now, let's say 2200 (7.3% higher).

The larger view is that I keep to this idea. The market is making all the moves it should - after an extended (W3) advance, when all agreed the world was bullish, the market consolidated, created doubt, and chopped people up for 18 months in a textbook W4 pullback.

Now we are seeing W5 euphoria. The Great Rotation out of bonds into stocks is finally here. At long last the banks are joining the party, QE is over, ZIRP is over and the market doesn't care. How long does this TrumpIt bull last is the key larger view question. But I don't mean to sound an immanent alarm. Monthly charts on the main USA indexes are massively bullish here and path of least resistance is higher - even if the market starts to stall which would be totally normal after an amazing two week run.

Actually, we can do the E-wave exercise across the USA main indexes and calculate 61-100% W1=W5 targets in price and time. The more that line up the better. We might see the stronger RUT do 100% and INDU do 61% or something like that. I will still use the pivots for fine tuning.

SPX 61% price = 2240, 78% = 2360, 100% = 2510
SPX 61% time = 6/2017, 78% = 10/2017, 100% = 4/2018

INDU 61% price = 19460, 78% = 20560, 100% = 21965
INDU 61% time = 5/2017, 78% = 9/2017, 100% = 3/2018

NDX 61% price = 4750, 78% = 4985, 100% = 5285
NDX 61% time = 6/2017, 78% = 10/2017, 100% = 4/2018* (using 3/2009 anchor)

RUT 61% price = 1265, 78% = 1355, 100% = 1465
RUT 61% time = 6/2017, 78% = 10/2017, 100% = 4/2018

VTI 61% price = 115, 78% = 121.25, 100% = 129.50
VTI 61% time = 6/2017, 78% = 10/2017, 100% = 4/2018

Note NDX and RUT have already exceeded the 61% area targets.