We have what appears to be 5 waves down in the SP500 from the 4/8/11 high. The most likely interpretation is that this is wave (a) of [ii]. Wave (b) should be underway already with a target of around 1328. Note the positive divergences in the MACD and the Williams %R on the 30 minute chart.
While it is a bit frustrating to think that this correction could continue for another two weeks, particularly since it really feels like the correction has been going on since 2/18/11, and another two weeks would make it almost 10 weeks. The ongoing correction should allow sentiment to turn bearish again and setup the next rally into late May/early June.