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E-Mini SP500 Correction Within Uptrend: Elliott Wave
S&P Futures turned lower in this week, beneath 1800 region, but price action from end of November can be counted as a corrective move. We also must keep in mind that larger trend for the S&P is still up so we suspect that current pullback is just another pause within ongoing uptrend. With that said, we are tracking an expanded flat formation, maybe already near completion so trend could turn up from current 1775-1785 support zone. Further weakness and a daily close below 1773 would suggest that market has different intentions.
E-mini S&P500 4h Elliott Wave Analysis
On Daily Chart S&P Futures moved even higher last week and once again closed at the all time highs. As such, we will remain bullish on S&P and will be looking up to 1860-1900 by the end of the year where wave 3 could look for some resistance. Only a sharp and unexpected impulsive drop back to 1700 could threaten the bullish outlook.
E-mini S&P500 Daily Elliott Wave Analysis
Written by www.ew-forecast.com