Stocks Analysis by Dr. Arnout ter Schure covering: S&P 500. Read Dr. Arnout ter Schure 's latest article on Investing.com
using the Elliott Wave Principle primarily and view the current rally from the May 31 $5191 low as an impulse 5th wave targeting ideally $5427-53 contingent on holding above the colored dotted horizontal lines.
We expect the low to hold, and therefore, we can allow for the orange W-3, 4 to fill in over the next few days. Assuming we are correct, then we expect the index to enter a larger correction once the green W-5 completes. However, we are cognizant of the possibility that the Bulls may have one more trick up their sleeves. See Figure 2 below.Namely, the rally from the April 19 $4953 low, could see one more W-4, 5 sequence.
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