Blue is still looking pretty good and continues to ride up the blue channel. There is possibly a small triangle forming up here before another push higher.
I have added an additional bullish purple option that suggests the market is setting up a nested 1-2 i-ii up. This could very well happen tomorrow along with the break out of the triangle so we'll have to see if it is sustained should it occur.
The green option as labeled above suggest that wave (c) completed with a truncated fifth. I don't necessarily like this at all (and this is the lowest in priority for me by way of options) since wave (c) is very short in relation to wave (a).
I have lots of channels and trend lines on the chart and one other one to watch is the red rising wedge. This wedge would be consistent with the markets hesitancy with regards to the fiscal cliff news as the market chops back n forth up and down.
So long as higher highs and higher lows are made, we will follow the blue count as it climbs towards the inverted H/S target near 1435 and then the wave iii=i target at 1351.
In the short term, lets see what the market does at the 50 day SMA. If the bullish wave count is correct, the nesting of 1-2s would make it consistent with the nesting of 3s and 4s just below the 50 day before breaking up through it.