SP500 Elliott Wave Analysis: Looking For 2000

By: Gregor Horvat | Tue, Jun 17, 2014
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S&P500 accelerated to the upside this month with increasing volume and momentum. In fact, move from 1858 is very strong, so based on personality we think it was wave three of a five waves in progress in blue wave (5). As such, we expect even more upside in coming days; market may reach levels around 1980/2000.

S&P500 Daily Elliott Wave Analysis

S&P500 Daily Elliott Wave Analysis Chart


S&P500 Four Hour

S&P500 has turned bearish last week from around 1954 after a complete five wave rally from 1915, labeled as wave (v). This wave (v) was part of a big five wave move, so we suspect that current decline is just another three wave retracement. We are looking at (a)-(b)-(c) decline that could bottom in this week around 1915 mark, at former wave (iv). So for the very near-term there is room for another push lower, but then keep an eye on bullish reversal sings.

S&P500 4h Elliott Wave Analysis

S&P500 4-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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