Elliott Wave Analysis: S&P500 Undergoing A Corretion, Possible Support Around 2140-2150

Gregor Horvat Wavetraders

Normally when market completes a five wave move, the direction of a trend will change with minimum three waves. And this is exactly what is expected on E-mini S&P500. We can see five waves up from 2141 to 2190 that represents a final leg within larger bullish impulse, so ideally market is now making a new corrective retracement that should be made by three waves. If we are correct, then wave C) will send price back down to 2140-2150 area.

S&P500, 4H

Author

Gregor Horvat

Wavetraders

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

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