Elliott Wave Analysis: SP500 Undegoing A Intraday Correction; Possible Support Seen Around 2120/2125

By: Gregor Horvat | Fri, Nov 11, 2016
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Markets are not moving much today, which is normal after very volatile moves during the US elections and Trumps victory. We see a few markets in interesting corrective set-backs which can give an opportunity to join the trend.

E-mini S&P500 is turning down for a three wave setback after a five wave rally had unfolded in wave A up to 2180. If we are correct, then a pullback should be 38.2% now, so be aware of 2120/25 area next week from where price may turn nicely higher. Around that region we also see a nice trendline on a daily chart.

S&P500, 30Min

S&P500 30-Minute Chart

S&P500, Daily

S&P500 Daily 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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