SP500 Elliott Wave Analysis: Corrective Retracement

By: Gregor Horvat | Thu, Feb 20, 2014
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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 4-Hour Elliott Wave Analysis Chart


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

S&P500 1-Hour 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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