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

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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