Near-term setup still higher

The SPX took the more direct route today as wave v of (iii) already, making a new high on the month in what likely counts as wave (3) of circle 3. The consolidation into the afternoon was either all of or part of wave (4) of circle 3, so tomorrow more upside can be expected in wave (5) of circle 3. This expectation will remain as long as price is above today's open at 2442 SPX, with 2458 - 2476 SPX as the larger target region above to complete all of wave v of (iii).

$SPX - Intraday - Jun-19 1307 PM (30 min)
$SPX - Intraday - Jun-19 1307 PM (30 min)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.