SPX500USD SPX FUTURES ELLIOTWAVE next 2-3 months DOWN
#SPX500USD# 
The 3 wave structure of the BEAR MARKET RALLY since March lows is more clear on the Dow and sector ETFs - especially XLF .
Elliot wave theory calls for going to March lows again.
June 8 was the end of this bear market rally and we are now completing wave c of 2 of the larger C wave down.
Minor wave c of 2 of larger C stIll unfolding higher and needs one more minor 4 and 5 higher to complete the pattern before the drop to March lows begins which should take us to end of summer if not the end of Sep.
I see Fed stepping in more in August to slow the drop and new major rally should begin once we test March lows. More fiscal stimulus should come by end of July also.
Nasdaq rise to all-time highs is NOT being confirmed by Dow and S&P and this is a huge bearish divergence.
The NASDAQ 100 on daily charts showing triple bearish divergence with MACD . The upside is limited and NASDAQ 100 should snap back to downside also.
Dow is the weakest and will lead the way down on all major US Indexes.
Cheers!
Cyrus
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