Elliott wave Analysis: S&P500 Unfolding A Five-wave Recovery

Gregor Horvat Wavetraders

Hi traders,

S&P500 is recovering in impulsive fashion, now unfolding final wave 5) as part of a bigger impulse. A possible top and resistance for current wave 5) can be found near the Fibonacci ratio of 200.0 and higher near the 2800 level, where also the upper Elliott wave channel line can react as a turning point.
A reversal in minimum three-waves can later be seen from the highs, below the 2630 level.

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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