E-mini SP500 Elliott Wave Analysis: Eyeing New High

By: Gregor Horvat | Tue, Jan 14, 2014
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S&P500 4h

S&P500 moved to the downside as expected; price fell into a third leg of decline counted from the highs which we think it represents a-b-c move, called a zigzag placed in wave iv). Price is now at 38.2% retracement area which comes in around that swing highs back from December that could turn into a nice support for a new reversal to the upside.

S&P500 4-Hour Chart

S&P500 1h

S&P Futures fell sharply to the downside yesterday, clearly in impulsive fashion, but don't turn bearish too soon; now it's time to be aware of a bigger picture. As you know we see current move down from the highs as a corrective retracement. Ideally it's a a)-b)-c) down in wave (iv) now at the support, so be aware of an impulsive bounce. A rise back above 1826 will put this market back in bullish mode.

S&P500 1-Hour Chart


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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