Elliott Wave on SP500: Be Aware of More Gains If We See 1958

By: Gregor Horvat | Fri, Sep 25, 2015
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S&P is in a minor pullback now ahead of the US cash market open. This pullback is for in three waves from 1950 so it can be just a minor correction within ongoing uptrend. We labeled it as wave iv) that can be part of an impulsive reversal from 1897 low. For now it's too soon to confirm a bullish turn, but push up to 1958 will be fifth wave which means that stocks should then recover much more in sessions ahead. On the other hand, an overlap with 1928 will invalidate the count and likely send S&P500 back to the lows.

Elliott Wave On SP500


What is impulsive Structure?

Impulse is a five wave pattern without overlaps that indicates a primary direction of a trend.

Elliott Wave Impulsive Structure

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

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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