S&P500 has moved to a new high yesterday but then turned sharply down from 1845-1850 area where we were projecting a top zone for a complete five wave rally from 1732. As such, current reversal down is start of a minimum three wave retracement. Ideally this will be a simple zigzag that will look for a support around 1790-1800 zone after a retracement of 38.2% compared to recent bullish run.
S&P500 4h Elliott Wave Analysis
S&P500 One Hour
The S&P found some support ahead of the US session, but we see move up as small rally within incomplete bigger three wave decline. We see price now moving into Fibonacci resistance area. Be aware of a new push down as long as market trades beneath the yesterday highs.
S&P500 1h Elliott Wave Analysis
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