The SPX Monthly P2 is still above the Monthly EMA 3 which normally indicates a strong P2 is in tact. However, the Weekly P2 has dropped below it's EMA 3, so the Weekly is currently just pulling back because of the current Daily P1 correction now in it's 3rd trading day. The Daily P1 is still currently projected as short, which means that a Daily P2 could be confirmed in the next 2 trading days unless the projection is changed to average which the Daily is very close to it's EMA 3 crossing below it's LTL, which will change it's projection from short to average, which would mean the Daily P1 could continue for another 3 trading days.
The Weekly UTL is at 1770.43 that may be a good bottom for this Daily P1, then a short Daily P2 taking the SPX back up to the Weekly EMA 3 which is at 1792.91, then another Daily P1, possibly taking the SPX into Weekly P1 territory possibly around the middle of this month. That will then drop the Monthly below it's EMA 3, and then it will likey drop to it's UTL during a Weekly P1 possibly starting around the last week of this month or 1st week of January.
Then after the Weekly has completed another cycle the SPX Monthly could start dropping below it's UTL and around Feb/Mar/Apr we will likely get the start of a Monthly P1 correction taking the SPX down to around the 1600 level.
Then we may see a new leg up on this Bull market, that will then take the SPX to 1900 - 2200 level and a possibility of a Bear market confirmation sometime in 2015
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