Elliott Wave Analysis of S&P 500 – 27 June 2012

The move on the S&P 500 has been following the earlier published wave count. The five waves down has been completed and a corrective wave up is in progress. The correction has now entered the earlier target range of 1329 – 1342 for this correction. The next expected move is another five waves down with a target of 1266. This set of the five waves down is expected to be strong as it is either wave C or 3.

A strong surge up is expected at the completion of the wave C. The target range for that wave up is at least 1422.