Markets are moving sideways in very tight ranges for the last 12 hours. The USD remains in bullish mode against the most of the currencies while the S&amp;P futures are trading sideways, most likely trapped in a triangle within larger downtrend. At the same time we are looking at two different counts on the German DAX where both scenarios suggests another leg to the lows. 
	 
	The S&amp;P found a support yesterday but turned down from 1793 so basically this market is trading in range which we think it represents a fourth wave within ongoing trend. We are looking at the triangle count with wave e yet to come before downtrend resumes. Critical invalidation level is at wave a highs, at 1801. 
	S&amp;P 500 (Mar 2014) 1h Elliott Wave Analysis 
	<img alt="spx elliott wave analysis" src="http://charts.stocktwits.net/production/original_19597300.png?1391172298" style="width: 543px; height: 558px;" /> 
	As we mentioned above on DAX we are tracking two counts where both are pointing for the same direction as the S&amp;P, to a new low. On the first count we are already tracking wave B, but a complex flat correction where sub-wave (b) may stop around 9200. 
	DAX (Mar 2014) 1h Elliott Wave count #1 
	<img alt="german dax elliott wave" src="http://charts.stocktwits.net/production/original_19597341.png?1391172431" style="width: 555px; height: 545px;" /> 
	The second count is slightly different but same idea; new low before going up. 
	DAX (Mar 2014) 1h Elliott Wave count #2

	<img alt="german dax elliott wave 2" src="http://charts.stocktwits.net/production/original_19597369.png?1391172502" style="width: 549px; height: 547px;" />

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Intraday Elliott Wave Analysis: S&P500 And German DAX