E-mini SP500 Targets 1850: Elliott Wave
S&P500 found some resistance in 1800-1820 zone. From this high we have seen a retracement back to 1770. At the moment a pullback is only in three legs and is also still above former swing high, 1727. As such, we think that retracement is just another correction within larger uptrend. Ideally it's a wave (iv) as a part of incomplete five wave rally in black wave 3 that could be targeting 1850 in the next couple of week. We would change the count and maybe even turn bearish only if 1727 is broken.
S&P500 Daily Elliott Wave Analysis
On 4h Chart S&P500 spiked down to 1753 on Monday. From this low we have seen a very strong reversal in the last few sessions. This move looks like impulsive. We see current move up as part of a five wave rally in blue wave (v) that will be targeting new highs and possibly 1825 in days ahead. Trend is clearly in bullish mode as long as 1753 holds.
S&P500 (Mar 2014)4h Elliott Wave Analysis
S&P futures moved sharply higher yesterday so it seems that new highs are in play as mentioned in our video in this week. Current retracement from the high is only minor correction within uptrend. Trend remains now in bullish mode as long as 1760 holds, but move back to 1779 will already threaten the current look.
S&P500 (Mar 2014) 1h Elliott Wave Analysis
Written by www.ew-forecast.com