S&P Primary & Weekly Cycles
I would prefer to now look for a 2-month wave pattern heading down into June lows & then towards the July lows (Previous Monthly Report)
Greek debt default has spooked the markets, but in my opinion it was always heading downward.
We can see in the Weekly cycles that the Weekly lows are guiding the market downward and we should see the trend move down into the July lows.
From there on it gets interesting, as price will need to bounce, break the 5-day highs, and then the August level (Yellow) will define whether global markets rise upwards into the end of the year.
Otherwise, we could see Index markets spooked for the rest of the year as Greece is kicked out of the Euro Zone, and the S&P makes it's way down towards the 2015 50% level by the end of the 4th Quarter.
