Stocks Look For Higher: Elliott Wave Analysis

By: Gregor Horvat | Fri, May 15, 2015
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German DAX is in a pullback mode from yesterday highs, but moves are much slower compared to rally from 11228 so we suspect that current intraday weakness represents a corrective decline and that broken trendline could then turned into a support at 11440-11500 area, either today or early next week.

DAX (June 2015) 1h Elliott Wave Analysis

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

Futures contract on the S&P500 hit new highs yesterday so we expect more upside soon. Ideally we will see price running into 2130 area where wave (c) could complete larger degree of wave 5. As long as trendline holds, we will not change our views, but break beneath that line and through 2091 would put highs already in place.

S&P (June 2015) 1h Elliott Wave Analysis

S&P (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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