S&P Elliot Wave analysis - Irregular Correction & EUR/USD divergence

I will start off with mentioning some videos that have provided an interesting count.



Target guidelines from the following was used:
http://www.esignalcentral.com/university/get/getManual/eSignal_Manual_ch9.pdf

Starting with a longer term chart

So Above is the daily chart.  It is a bit hectic, however, I didn't want to erase everything when zooming out.
Man thing to note is where we are in the wave count at this scale.   August 2010  terminated Wave 1.  I did some research on Andrew's Pitchfork  Video of action / reaction lines Here

Based on pitchfork time projection, mixed with Fib levels and elliot wave, a short term projected target of 1145 - 1155.  The big red dot.

Wave yellow B touched the 61.8% retractment of the breakdown of the markets in 2008.  This point a short term top, in my opinion until it is taken out. 

Once Wave 4 completes, wave 5 should go to modest new highs before terminating, leading the way for a strong down move in the indexes.

Closer look at the price target on a hourly chart.

On the shorter term count, the cyan count seems to have terminated, making the high 1235.

With a clear impulse wave down off the 1235 mark, the correction can be seen showing a bearish divergence.

So to sum it up, we might be about to continue a 4 wave down on longer term chart.  Which means news highs are expected, by next February.  Price target of 1255-1260 on the wave 5 up.
On the shorter term, it appears our irregular correction has just put in a B wave.  This means we have entered into a C wave down that should take out the A Wave at 1175.  With the target of 1145-1155 this price target is also 1.62 x Wave A which satisfies the fib targets of a Wave C.

From the PDF above on Elliot wave here is a picture of a irregular flat.

See more here

Just a EUR/USD update.  Bearish Divergence based on the purple lines.
Expect to see the Euro fall against the greenback.  Price should breach 1.26 if the divergence is to play out.