SP500: Price Could Turn Down Next Week
We see nice bounce from recent 1830 level but move to the upside can be temporary as we see corrective personality on lower time frames. Ideally market is making a corrective wave B that could be looking for a top at 2020-2040 in the next few days from where prices can fall back to the lows, deeper within ongoing corrective red wave IV).
On the 4h chart, S&P500 is back at the highs, so seems like that wave C) of a flat in wave (B) is still in play towards 100% projection level of wave C)=A) which comes in around 2050. In that zone we also see that black subwave 5 will be equal to wave 1 so it's seems like an ideal area for a reversal down next week.
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:
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