E-mini SP500 Elliott Wave Analysis: Eyeing New High

By: Gregor Horvat | Tue, Jan 14, 2014
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S&P500 4h

S&P500 moved to the downside as expected; price fell into a third leg of decline counted from the highs which we think it represents a-b-c move, called a zigzag placed in wave iv). Price is now at 38.2% retracement area which comes in around that swing highs back from December that could turn into a nice support for a new reversal to the upside.

S&P500 4-Hour Chart

S&P500 1h

S&P Futures fell sharply to the downside yesterday, clearly in impulsive fashion, but don't turn bearish too soon; now it's time to be aware of a bigger picture. As you know we see current move down from the highs as a corrective retracement. Ideally it's a a)-b)-c) down in wave (iv) now at the support, so be aware of an impulsive bounce. A rise back above 1826 will put this market back in bullish mode.

S&P500 1-Hour Chart


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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