• 678 days Will The ECB Continue To Hike Rates?
  • 678 days Forbes: Aramco Remains Largest Company In The Middle East
  • 680 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,080 days Could Crypto Overtake Traditional Investment?
  • 1,084 days Americans Still Quitting Jobs At Record Pace
  • 1,086 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,089 days Is The Dollar Too Strong?
  • 1,090 days Big Tech Disappoints Investors on Earnings Calls
  • 1,091 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,092 days China Is Quietly Trying To Distance Itself From Russia
  • 1,093 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,097 days Crypto Investors Won Big In 2021
  • 1,097 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,098 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,100 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,100 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,104 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,104 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,105 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,107 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

SP Futures Could Turn Bullish Above 1685 - Elliott Wave

S&P Futures extended its weakness to 1663 last week, but decline from the high can still be counted as a three wave move, so trend could turn bullish. We however need more evidences before we may look back higher again, back towards 1726. In other words, we need impulsive recovery in clear five waves through the upper channel line and also through 1685 to confirm a reversal.

S&P500 Futures 4-Hour Chart


Alternate Elliott Wave Scenario

Further weakness in the next two days towards 1625 will suggest that prices are falling impulsively. In such case we would focus on flat correction on a daily chart.

S&P500 Futures Daily Chart


Elliott Wave Flat Pattern

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.

Expanded Flat

• Elliott Wave Expanded Flat has 3-3-5 sub wave structure
• Wave B moves beyond the start of wave A
• Wave C ends more substantially beyond the ending level of wave A
• Expanded Flat appears in wave two or four in an impulse, wave B in an A-B-C, wave X in a double or triple zig-zag, or wave Y in a triple threes

Idealized Elliott Wave Pattern

 


Written by www.ew-forecast.com | Try Ew-Forecast.com's Services Free for 7 Days at http://www.ew-forecast.com/service

 

Back to homepage

Leave a comment

Leave a comment