Stocks May Bounce After Finding Support In The Near Term

By: Gregor Horvat | Thu, Mar 26, 2015
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Futures contract on S&P500 found some support recently but most likely only for a short-term as we see price in fourth wave that can stop at former wave four, near 2053, so another leg down could be in the cards before a five wave decline from 2106 is done. On the downside, price may touch 2020 by the end of the week.

S&P500 (June contract) 1h Elliott Wave Analysis

S&P500 (June contract) 1-Hour Elliott Wave Analysis Chart

German DAX slowed down with recent bearish waves near 11640 but question is for how long as we see current slow price action as wave (iv) within ongoing weakness of wave C. We expect another low, a fifth wave down that may complete a contra-trend move near 11500. An impulsive bounce from that area will put bullish moves back in play.

DAX (June 2015) 1h Elliott Wave Analysis

DAX (June 2015) 1-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

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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