S&P Almost tags 1300

Well the S&P 500 finally has crawled its way up to the 1300 level.  Psychology level (just like down 12000), and coincides with the 1296 projection based on previous analysis.

This level would mark the end of a typical wave 5.  Therefore, if this count is correct, a correction in the general market should be expected.  The depth is yet to be determined however, a deep correction is not out of the question.  The depth will depend partially on what the FED does after QE2 runs out.  The Debt ceiling Is being approached quickly, some projections kicking around is by the end of March congress will need to pass legislation to raise the ceiling.  There is a large amount of talk about the debt ceiling by politicians recently, so expect more media coverage during February.