The Big Picture: Russell 2000 (with ETF: IWM): This is the IWM daily chart. 
We chose to look at this market because the Russell 2000 is considered a secondary index,and it has lagged several of the other markets by not making new highs during the course of the rally since March. We are closely watching the trend line on the chart because it appears that we are rapidly approaching a critical juncture. A break of this trend line would mark the beginning of some strong selling. This trend line might look different from other trend lines (meaning it wasn’t drawn from the major bottom in March).
The Big Picture: Russell 2000. This is the Russell 2000, 120 minute chart. 
We chose to look at this market because the Russell 2000 is considered a secondary index, and it has lagged several of the other market by not making new highs during the course of the rally since March. It appears that the Russell 2000 has traced out an example of a #1-#2, (1)-(2) top. If this formation is correct, it would be expected that wave #3 of (3) of this formation will begin soon. If this situation is correct, there cannot be much upside potential remaining in the Russell 2000 in this (2) countertrend move.
The Big Picture with the ETF: SPY. This is the S&P 500 30 minute chart (The ETF index fund SPY is being used). I drew a trend line that connects several of the recent highs, and it appears that the S&P 500 is having great difficulty making headway through that upper trend line. 
The pattern that emerges is what I believe to be an ABC move up from the November 2 lows. This move is a 5-3-5 zigzag. Although it is not a pretty picture, the C wave of the sequence does have five countable waves. Notice the diverging MACD and RSI.
January 2010 Elliott Wave Analysis
November 2009 Elliott Wave Analysis
