The S&P is within its daily 345 SP to D3 cycle fork .
It has broken below its 4H345 MLL - next cycle line WL-1.
Prices are moving down the 4H123 ML but are not expected to make the MLL due to the support of the W345MLU, D12 cycle fork MLL, D345 WL-1, D345SP to D3.
NB - NORMAL CYCLE - H-1 shown above is on the intersection of 4H-1-2ML an MF12 MLL, so it may be 4H-3 and 4H-4 are in as shown below as currently prices are showing strong support at the 4H-2-3-4 ML.
This favours my opinion that the support from the confluence of lines shown on the first chart will hold to complete D-4 within D WL-1, and it may even drag out until the end of June.
I have shown below the D-4 alternative wave extreme limits which show this correction may drag out until the middle of August. That would definitely provide congress motivation for QE3!