SPX - June ProjectionsMay showed price heading back up to the high. This is four months now from the previous top. Generally for a major top to exhibit itself, it might take only three months to test. Four months is also not uncommon so it is possible that today's close will be last positive monthly close in a while.
I expect that the price will continue to rise, probably above the 6010 level of the last monthly closing high. If price surpasses the previous monthly close high, I will be watching for a turnaround, with prices eventually closing out June to the downside.
To me, based on the 40-month moving average. I have noticed that usually waves 2 and 4 have strong support at the 40 month moving average, where more major corrections will see price go below it. As price just came down to that level and didn't break it, we are in or have finished a wave 4. I'm still looking for lower prices assuming that this wave 4 to be a Flat with more sideways action ahead.
Currently short SP
