S&P 500 Stalls in Complex Fourth Wave, Eyes Breakout Levels
An Elliott Wave analysis suggests the S&P 500 may bounce to $7,440–7,525 before declining to $6,840–7,075.
SPX
According to a June 12 Elliott Wave analysis, the S&P 500 (SPX) is stalling in a complex fourth wave. When the index traded near $7,422, the forecast indicated a short-term bounce to the $7,440–7,525 range, followed by a decline toward $6,840–7,075. Traders are watching for a breakout that would confirm the next directional move.
The analysis is based on the Elliott Wave Principle, which identifies repetitive wave patterns in market price action. No further details on the current status were provided.
Source: FXStreet Forex News