Currnet Turn On S&P500 Looks Corrective; More Weakness in View - Elliott wave Analysis

Gregor Horvat Wavetraders

Hello traders,

S&P500 made a nice recovery in three waves, up from the 2709 lows which we labelled as a corrective wave 2 of a higher degree. Particularly we see sub-wave C) of two in play which can look for resistance and a bearish turn near the Fibonacci ratio of 38.2/61.8. That said a reversal in impulsive fashion will confirm a completed correction and more weakness.

S&P500, 4h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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