Elliott Wave Analysis of S&P 500 – 25 June 2012
The S&P 500 has made 5 waves down which should be followed by a corrective wave up. The only sticking point is that the recovery has been very weak and it might be the fourth sub wave of the fifth wave. This indicates that there could be a small leg down before the corrective wave up. The target for the corrective wave is between 1329 and 1342. The corrective wave would then be followed by another five waves down and earlier, I had projected a target of 1266 but looking at the strength of this down move, it could go as low as 1256.