Short-term Elliott wave view in S&P 500 Futures (ES_F) suggests cycle from September 24, 2020 low has ended with wave ((3)) at  4549.74. The Index has turned lower in larger degree 7 swing in wave ((4)) to correct cycle from September 24, 2020 low. The first 3 swing WXY is currently in progress within wave (W) as a double three Elliott Wave structure. Down from wave ((3)), wave ((a)) ended at 4485.50 as an impulse. Wave (i) of ((a)) ended at 4519.25 and rally in wave (ii) of ((a)) ended at 4548. Index then resumed lower in wave (iii) of ((a)) towards 4492. Wave (iv) of ((a)) ended at 4514.75, and wave (v) of ((a)) ended at 4485.50.

Correction in wave ((b)) ended at 4529.50 and Index has resumed lower in wave ((c)) towards 4434.50. This completed wave W of (W).  Wave X rally is proposed complete at 4479.50. Index has resumed lower in wave Y. While rally fails below 4479.50, and more importantly below 4549.72, expect the Index to extend lower. Potential target lower is 100% – 123.6% Fibonacci extension from wave ((3)) peak towards 4337.1 – 4364.21. Near term, as far as pivot at 4549.2 high remains intact, expect rally to fail in 3, 7, or 11 swing for further downside.

S&P 500 Futures 45 Minutes Elliott Wave Chart

 

ES_F Elliott Wave Video

 

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD drifts down toward 1.17 as mood worsens

EUR/USD is trading closer to 1.17, off the highs. Concerns about Chinese giant Evergrande's troubles return to weigh on sentiment, supporting the safe-haven dollar ahead of the PBOC and Fed meetings on Wednesday. 

EUR/USD News

GBP/USD falls toward 1.3650 on fresh dollar strength

GBP/USD is retreating back toward 1.3650 as the dollar reasserts itself. Fears that the crisis in China's Evergrande could turn into a more significant downturn have resumed. Central bank decisions are awaited.

GBP/USD News

Gold: Further advances depend on the Fed

A better market mood put pressure on the American currency. The US Federal Reserve will announce its monetary policy decision on Wednesday. Gold advanced for a second day in a row, but additional gains are in doubt.

Gold News

Alts rebound while Bitcoin tends to its wounds

Bitcoin price suffered a brutal setback as it dropped from being extremely close to a crucial psychological level to slicing through a stable support floor.

Read more

PBoC September Preview: Will policymakers step in to ease Evergrande fears?

People’s Bank of China (PBoC) will announce monetary policy decisions on September 22. Financial markets remain restless amid ongoing Evergrande crisis. PBoC could lower RRR further to support economy. 

Read more

Majors

Cryptocurrencies

Signatures