The S&P has been relatively predictable when applying some Elliott Wave Theory principles. While we are in the final stretches before we hit a major correction, a smaller one is on the horizon. The pull back will not be much, but jockeying for position is not bad.
The index should find a top around June 14 around 2791.91. This will be followed by a drop over the next 1-3 weeks. My projection has the bottom most likely between 2670 and 2740. I am leaning between 2700 and 2733. After this bottom, I expect major upward movement through early to mid-September. We could test 3100 during this rally.
When projecting moves based on wave theory, I try to also identify real world items that could be cause for these moves. June 14 coincides with the end of the US-NK summit, Fed policy decision, and looming trade conflicts between the US, its allies and China. What ever the case may be, I am positioning for this pending drop and ready to ride the final wave 3 high into September.