Short-Term Weakness On Indices: SP500 And Nikkei Elliott Wave Analysis
The US stocks were moving lower yesterday with the E-mini S&P500 down to 1841 level. Since then market recovered a few points but it looks like it can be a correction within ongoing downtrend. Intraday trend is down as long as 1865 holds.
S&P500 (June 2014) 30min Elliott Wave Analysis
From a risk-off perspective we see much clearer pattern on Nikkei futures. We see three waves up and done, followed by an impulsive sell-off which means that trend is down and should resume after a corrective bounce. We see that bounce in play right that should complete a corrective rally sometime this week, ideally around 1420/70 area.
Nikkei225 (June 2014) 4h Elliott Wave Analysis
Written by www.ew-forecast.com