E-Mini SP500 Correction Within Uptrend: Elliott Wave

By: Gregor Horvat | Thu, Dec 5, 2013
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S&P Futures turned lower in this week, beneath 1800 region, but price action from end of November can be counted as a corrective move. We also must keep in mind that larger trend for the S&P is still up so we suspect that current pullback is just another pause within ongoing uptrend. With that said, we are tracking an expanded flat formation, maybe already near completion so trend could turn up from current 1775-1785 support zone. Further weakness and a daily close below 1773 would suggest that market has different intentions.

E-mini S&P500 4h Elliott Wave Analysis

E-mini S&P500 4-Hour Elliott Wave Analysis Chart

On Daily Chart S&P Futures moved even higher last week and once again closed at the all time highs. As such, we will remain bullish on S&P and will be looking up to 1860-1900 by the end of the year where wave 3 could look for some resistance. Only a sharp and unexpected impulsive drop back to 1700 could threaten the bullish outlook.

E-mini S&P500 Daily Elliott Wave Analysis

E-mini S&P500 Daily Elliott Wave Analysis 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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