Elliott Wave Analysis: SP500 Undegoing A Intraday Correction; Possible Support Seen Around 2120/2125

By: Gregor Horvat | Fri, Nov 11, 2016
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Markets are not moving much today, which is normal after very volatile moves during the US elections and Trumps victory. We see a few markets in interesting corrective set-backs which can give an opportunity to join the trend.

E-mini S&P500 is turning down for a three wave setback after a five wave rally had unfolded in wave A up to 2180. If we are correct, then a pullback should be 38.2% now, so be aware of 2120/25 area next week from where price may turn nicely higher. Around that region we also see a nice trendline on a daily chart.

S&P500, 30Min

S&P500 30-Minute Chart

S&P500, Daily

S&P500 Daily Chart

 


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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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