[Bank of America Technical Analyst Predicts 'Three-Wave Correction' for S&P 500 Index, May Drop to 6,850 Points] According to a report by Golden Finance, on June 30, the head of technical analysis research at Bank of America stated that investors must hedge as the S&P 500 Index continues to rise and prepare for a possible 'three-wave correction' in the coming months. Paul Ciana of Bank of America wrote in a research report on Thursday that the recent rally in the S&P 500 Index has been strong, rising nearly 17% since the March low. However, since hitting a recent high on June 2, the momentum has shown signs of fatigue. He indicated that the S&P 500 Index could drop to 6,850 points, a decline of approximately 7.6% from its current level.