Market Overview

Elliott Wave Analysis: S&P500 More Bullish


S&P500 4h

S&P500 moved to the downside as expected; price fell into a third leg of decline counted from the highs which we think it represents a-b-c move, called a zigzag placed in wave iv). Price is now at 38.2% retracement area which comes in around that swing highs back from December that could turn into a nice support for a new reversal to the upside.

S&P500 4h Elliott wave analysis

s&p500 elliott wave analysis

S&P500 1h

S&P Futures fell sharply to the downside yesterday, clearly in impulsive fashion, but don’t turn bearish too soon; now it’s time to be aware of a bigger picture. As you know we see current move down from the highs as a corrective retracement. Ideally it’s a a)-b)-c) down in wave (iv) now at the support, so be aware of an impulsive bounce. A rise back above 1826 will put this market back in bullish mode.

S&P500 1h Elliott wave analysis

spx elliott wave analysis

written by | 14 days trial just for €1 >> go here

Elliott Wave Video Analysis: E-mini S&P500

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Markets Trading Ideas


Related Articles

View Comments and Join the Discussion!

UPDATE: Boyd Reports $2.3M Online Sales from Borgata

Twitter Short Interest Falls From January 2 High