E-Mini SP500 Correction Within Uptrend: Elliott Wave

By: Gregor Horvat | Thu, Dec 5, 2013
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S&P Futures turned lower in this week, beneath 1800 region, but price action from end of November can be counted as a corrective move. We also must keep in mind that larger trend for the S&P is still up so we suspect that current pullback is just another pause within ongoing uptrend. With that said, we are tracking an expanded flat formation, maybe already near completion so trend could turn up from current 1775-1785 support zone. Further weakness and a daily close below 1773 would suggest that market has different intentions.

E-mini S&P500 4h Elliott Wave Analysis

E-mini S&P500 4-Hour Elliott Wave Analysis Chart

On Daily Chart S&P Futures moved even higher last week and once again closed at the all time highs. As such, we will remain bullish on S&P and will be looking up to 1860-1900 by the end of the year where wave 3 could look for some resistance. Only a sharp and unexpected impulsive drop back to 1700 could threaten the bullish outlook.

E-mini S&P500 Daily Elliott Wave Analysis

E-mini S&P500 Daily Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

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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