At this time I favor a Broadening Top pattern in the S&P 500 which is a rare pattern and would fool the most investors. An example is shown below. Notice once the final 5th Wave up completes a significant sell off follows.
A real world example occurred in the early 1970's as the S&P 500 completed a large Broadening Top pattern which was followed by a 50% correction.
Currently the most recent rally in the S&P 500 would be the final 5th Wave up which would make one more slightly higher high before a sell off occurs in the Fall. The initial target for the 5th Wave would probably be somewhere in the 1382 to 1400 range. 1382 is the 78.6% Retrace from the October 2007 high of 1576 to the March 2009 low of 667.
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