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Short-term Weakness On Indices: S&P500 And Nikkei Elliott Wave Analysis

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The US stocks were moving lower yesterday with the E-mini S&P500 down to 1841 level. Since then market recovered a few points but it looks like it can be a correction within ongoing downtrend. Intraday trend is down as long as 1865 holds.
S&P500 (June 2014) 30min Elliott Wave Analysis

spx elliott wave

From a risk-off perspective we see much clearer pattern on Nikkei futures. We see three waves up and done, followed by an impulsive sell-off which means that trend is down and should resume after a corrective bounce. We see that bounce in play right that should complete a corrective rally sometime this week, ideally around 1420/70 area.
Nikkei225 (June 2014) 4h Elliott Wave Analysis

nikkei elliott wave

Written by www.ew-forecast.com

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