SP Futures Could Turn Bullish Above 1685 - Elliott Wave

By: Gregor Horvat | Wed, Oct 9, 2013
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S&P Futures extended its weakness to 1663 last week, but decline from the high can still be counted as a three wave move, so trend could turn bullish. We however need more evidences before we may look back higher again, back towards 1726. In other words, we need impulsive recovery in clear five waves through the upper channel line and also through 1685 to confirm a reversal.

S&P500 Futures 4-Hour Chart

Alternate Elliott Wave Scenario

Further weakness in the next two days towards 1625 will suggest that prices are falling impulsively. In such case we would focus on flat correction on a daily chart.

S&P500 Futures Daily Chart

Elliott Wave Flat Pattern

A Flat is a three-wave pattern labeled A-B-C that generally moves sideways. It is corrective, counter-trend and is a very common Elliott pattern.

Expanded Flat

• Elliott Wave Expanded Flat has 3-3-5 sub wave structure
• Wave B moves beyond the start of wave A
• Wave C ends more substantially beyond the ending level of wave A
• Expanded Flat appears in wave two or four in an impulse, wave B in an A-B-C, wave X in a double or triple zig-zag, or wave Y in a triple threes

Idealized Elliott Wave Pattern


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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