Market Timing Update (6/15/10 Close)

SPX closed above its 200-day MA and recouped its year-to-date loss (1115.23 vs 1115.10), with signs that at least this leg of advance is approaching its end.

Regarding the wave structure, to top two counts are tracking the price action well.
My preferred count is that wave 2-up (or X-up under the bullish count) is tracing out a flat. The advance since the June 8th low is [c] of 2-up (or X-up), which is ending.

The top alternative count is that wave 2-up started at the June 8th low. The current high is [a] of 2-up.