Stocks May Bounce After Finding Support In The Near Term
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
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
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Author: Gregor Horvat
Gregor Horvat
www.ew-forecast.com
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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