S&P500 Trading At The End of A Correction; A Reversal In Sight - Elliott wave Analysis
|Good morning everyone!
We have seen a nice recovery on stocks, which has been technically expected because of a completion of a five wave decline last week. We know that after every five waves market makes a three wave rally, which is now very mature, so we should be aware of a possible turn down from resistance in the upcoming sessions. But SP500 futures can still make another retest of that 2830-2850 area, before taking a step lower.
S&P500, 1h
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