Update#5. Dow,S&P fall below important support, 2 reasons for the next 1292-1303 support for S&P must hold, else we might see end of Medium Term Uptrend 5-18-2012

2 reasons why 1292-1303 are good support.
1. 1292 is the Minor Wave 1 of this Intermediate Wave 1 rally of Primary Wave III.
2. 1292-1303 is the retracement of the S&P drop in color Red, duplicating the range to a lower projection. It is pointing at 1292-1303 reflection.

I really hope that this is a correction as Minor Wave 4 correction of Intermediate Wave 1 of Primary Wave III rally. This is my count so far using Elliot Wave Analysis. Taking a look at DOW JONES WEekly Charts, we can see that Primary Wave I and its Intermediate Wave 1 rally has almost the same pattern, and Daily Rsi at 5 and Weekly RSI at 25 is technically good buy assuming this is still a Bull Market, which I think is still a YES.

Fall below 1292 and 12250 respectively for S&P and DOW can trigger bearish sentiment. For now, I count this as a correction.