Elliott Wave Analysis: S&P500 In A Possible New Impulse

Gregor Horvat Wavetraders

S&P500 possibly completed a corrective pullback in the red wave 4) at 2156 level, which means that this new bullish rally may be the start of a new impulsive uptrend in the red wave 5). As such we believe that black wave 1 could be in the making with four visible sub-waves already here. The target for the fift wave of wave 1 may come in around the 2184 region, from where a three wave of a decline could unfold as part of corrective wave 2).

S&P500, 1H

Author

Gregor Horvat

Wavetraders

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

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