SP500: More Gains Are Expected

By: Gregor Horvat | Thu, Oct 8, 2015
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S&P500 moved nicely to the upside in the last few trading days and hit our 1970 projection as upward minimum objective. But notice that move up from yesterday was very strong so looks like market can be in wave 3 of a five wave move. If that's correct then price is headed back above 2011 for wave C) that represents final leg within a flat correction. If from any reason market will turn back down beneath 1928 then wave (B) can also be a triangle.

A Flat is a three-wave pattern labeled A-B-C that generally moves sideways. It is corrective, counter-trend and is a very common Elliott pattern.

Basic Flat Pattern:

Elliott Wave Idealized Basic Flat Pattern

S&P500, 4h

S&P500 4-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

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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