Elliott Wave on SP500: Be Aware of More Gains If We See 1958

By: Gregor Horvat | Fri, Sep 25, 2015
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S&P is in a minor pullback now ahead of the US cash market open. This pullback is for in three waves from 1950 so it can be just a minor correction within ongoing uptrend. We labeled it as wave iv) that can be part of an impulsive reversal from 1897 low. For now it's too soon to confirm a bullish turn, but push up to 1958 will be fifth wave which means that stocks should then recover much more in sessions ahead. On the other hand, an overlap with 1928 will invalidate the count and likely send S&P500 back to the lows.

Elliott Wave On SP500


What is impulsive Structure?

Impulse is a five wave pattern without overlaps that indicates a primary direction of a trend.

Elliott Wave Impulsive Structure

 


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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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