Awaiting confirmation - Market Analysis for Jun 20th, 2018

The market traded higher again today, making further progress off the low made yesterday. Therefore, price continues to cooperate with the potential that a bottom has been struck as wave (ii) of iii shown in blue, and price is now in the beginning stages of wave (iii) of iii.

However, so far we have what counts best as only a micro 3 waves off yesterday's low, so until we see a clear micro 5 up to complete blue wave i of (iii), a corrective b-wave bounce in a larger wave (ii) flat cannot be ruled out yet.

Any break back below 2758 would increase odds of heading down to test the .618 retrace at 2720 from here as red wave c. Until then, the blue path remains preferred.

$SPX - Micro - Jun-20 1215 PM (1 hour)
$SPX - Micro - Jun-20 1215 PM (1 hour)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.