Crowd psychology says this ‘fool’s rally’ in stocks could fool bears

From its May 1 high, the S&P 500 Index fell 153 points in two weeks, the biggest pullback since December.

The yellow projection, below , reflects my best guess. The yellow path is based on Elliott Wave theory and the assumption is that a five-wave decline ended at Monday’s low.1. A counter-trend rally is under way. The solid yellow projection outlines the ideal path, but the dashed lines show that the S&P 500 may overshoot or fall short of the ideal target .

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