S&P500 Elliott Wave Review
The markets were in risk-off mode during the Asian trading hours as respond to Crimea's votes results. If situation would get worse then be aware of even lower levels on S&P while Crude oil and Natural gas could find a support.
S&P Futures moved down and hit low at 1830 before reversing. This has been technically expected on Friday after we recognized a flat correction. At that time we have been tracking two counts, and so we are today. On the primary count we see five waves down as leading diagonal, so for a bearish case resistance around 1860 should hold after a three wave bounce.
S&P Futures (Mar 2014) 1h Count 1#
A second count is bullish, and will be confirmed if rally will extend up to 1875 in impulsive fashion.
S&P Futures (Mar 2014) 1h Count #2
Written by www.ew-forecast.com
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