S&P 500 Elliott Wave Weekly Update - Friday, June 19

By Michael Filighera of Logical Signals

Technical Analyst & Trader • Jun 20, 2026 at 1:45 AM EDT

S&P 500 Elliott Wave counts suggest cycle wave 3 is complete, signaling a major long-term correction.

depositphotos_883469866-stock-photo-phone-business-screen-sp500-trading.jpg — Source: DepositPhotos

In this week's update, I discussed the market's performance leading up to the Juneteenth holiday, noting that while the Nasdaq soared, the S&P 500 experienced selling pressure starting around 2 PM that lasted nearly to the last hour before rallying in the final hour.

I presented two possible Elliott Wave counts for the market: one showing the completion of cycle wave 3 and the start of a cycle wave 4 correction, which could potentially take 12-15 years to unfold and bring prices down to around 667-1500, and another count suggesting the current rally might continue to new highs above 8,000.

I emphasized that the current market rally is being driven by massive options trading, particularly in AI and semiconductor stocks like Micron (MU), and warned that the market appears overbought and overvalued despite the potential for further upside to Fibonacci levels around 8126.

I concluded by noting that the market's direction would likely become clear early next week following the holiday weekend.

Video Length: 01:04:24

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STOCKS IN THIS ARTICLE

AAPL AAT AMD AMZN AVGO DJI GOOGL INTC MRVL MU NVDA SNDK SPX SPY

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