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Elliott wave analysis of S&P 500 for June 29, 2021

analytics60dab0b200c36.jpg

The S&P 500 index is close to test the 4,444 target which should complete not only the rally from March 2020, but also the longer-term rally from the March 2009 low setting the stage for the largest correction in the last decade.

The minimum target is back to the low wave 4 of one lessor see at 2,182, but as this rally terminates a much larger impulsive structure we could see a more massive decline. However, not to paint the Armageddon picture, we should take the expected decline after the final push towards the 4,444 target in baby-steps.

So to be clear, a final rally closer to the 4,444 target remains expected and then a larger correction should start unfold. This is time to maybe fear the risk of a 50% decline more than missing out on a 5% gain.

Trading recommendation:

If long stocks it maight be time to tighten up your stops and consider taking profit near 4,444 for the possibility of a major decline lurking in the background

The material has been provided by InstaForex Company - www.instaforex.com