Since the S&P 500 top of 2134 back in May 2015, we have formed 4 large Elliott Waves. The 1st big wave was an impulse down wave that had 9 sub waves and that wave was the one that finished with a week of strong down momentum and ending on a Friday morning when the Dow went down 1,000 points.
I believe that wave was the start of a new bear market. Since that initial down wave we created an A/B/C counter trend rally of three big waves and the final wave-4 ended at 2120 last May.
Then we started a new wave-5 down and since the 2120 Wave-4 top we have completed 2 big sub waves. Today we started the 3rd big sub wave down and interesting enough it coincided with the "BREXIT" vote to leave the EU. A crazy day, the Dow was down -610 points, S&P 500 -76 points, Nasdaq -202 points down.
The first two big sub waves of this new Elliott Wave-5 down, each had 7 sub waves within them and I now expect this new big sub wave-3 down to also have 7 sub waves. The 7 sub waves take about 6 market days to get processed, so I am estimating that this current big sub wave-3 down will finish next Friday July 1st.
I am predicting that this current big sub wave-3 down could end at S&P 500 1940. That is another 97 S&P 500 points down. Realize that is just a guess and what will really tell us when it's complete is our accurate counting of the 7 sub waves. Also based on my experience, I am expecting 5, 7 or 9 total big sub waves in this current wave-5 down.
Finally since this current Elliott Wave-5 down is also an "impulse down wave" similar to our first Elliott Wave-1 and a Elliott Wave-5 is know for its additional power and momentum, we could see another "mini-crash" scenario when the wave gets close to ending.