Below is the detailed wave count for the S&P 500 since the start of January. Market has been in sharp uptrend for the whole month, clearly in impulsive fashion. In our past updates we also noted that we could see a pull-back or a sideways price action from above the 1500-psycho level. Well, that appears to be the case as th market fell more than 10 points from 1510 yesterday after the FOCM statement. Anyway, those who trade the S&P 500 cash market must be aware of a larger trend, which is still up and, based on Elliott Wave theory, we see the current pull-back as a temporary pause within a larger uptrend. Most likely it's the corrective red wave 4) that may find a support at 1496 or maybe 1488/90.