Bank of America: Expects S&P 500 Index to Experience 'Three-Wave Pullback'

BlockBeats News, June 30th, Bank of America suggested that investors hedge against further upside in the S&P 500 Index and warned that the recent uptrend is losing momentum, potentially leading to a "three-wave correction" before September.

Bank of America's technical strategist, Paul Ciana, expects the S&P 500 Index to potentially fall to a minimum of 6850 points, about 8% lower than the current level. He cautioned that even if the index reaches new highs, it could be just a "false breakout" before a more significant pullback.