If the long - term Elliott wave count is correct a Cycle degree bull market could be complete at the SPX January 2022 peak.
Corrections are usually in proportion of both price and time to the prior motive pattern.
In this case the 13 - year bull market could have a correction lasting years - perhaps 3 to 5 years.
As for price, its possible the SPX could decline to the 1,300 area.
In the near-term the SPX appears to have reached a temporary oversold condition, note the weekly RSI at the June 2022 bottom.
The SPX could be in a multi-week rally lasting into August 2022.
Seasonal patterns are bearish September to October.
The SPX could reach the 2250 to 2650 zone in October 2022.
Mark
Corrections are usually in proportion of both price and time to the prior motive pattern.
In this case the 13 - year bull market could have a correction lasting years - perhaps 3 to 5 years.
As for price, its possible the SPX could decline to the 1,300 area.
In the near-term the SPX appears to have reached a temporary oversold condition, note the weekly RSI at the June 2022 bottom.
The SPX could be in a multi-week rally lasting into August 2022.
Seasonal patterns are bearish September to October.
The SPX could reach the 2250 to 2650 zone in October 2022.
Mark