S&P 500 - Roadmap To June FOMC Meeting

After Friday's nasty close many traders expect more downside next week. I understand and share the frustration of those who want this market to puke so they can buy it much lower. Unfortunately, they may have to wait even longer. The darn thing will probably still go up after Monday morning's (RTH) gap down to 1620 on SPX futures, in my humble opinion.
Below is my roadmap to FOMC meeting on June 18-19. I think it is going to be yet another inverted head and shoulders. At this time I cannot predict what happens after the meeting, it all depends on the statement. But if you put a gun to my head, I would say SPX will probably go up to make another all-time high above 1700 in the beginning of July, and then it may finally have that long-awaited 10 - 15% correction in the second part of this summer, trading down to most of the unfilled gaps in the process. But let's just get to June FOMC meeting first.

click on chart to enlarge