S&P500 - 2970/3000 Zone Can Awake the Bears (Elliott Wave)

Gregor Horvat Wavetraders

Hello fellow traders,

The S&P500 is in a bear market rally (a pause within downtrend), which can be unfolding a flat correction within a higher degree wave B). Resistance for sub-wave C of B) can be around the 78.6% Fib. retracement (2970/3000 zone), from where bears may resume its downtrend. Also at the mentioned region, sub-waves A and C can be equal in length in time and price, so keep an eye on that potential reversal zone. However, what is always very important regarding trading and analysis is to wait on a confirming price action; only a later turn in impulsive fashion back below 2900 would suggest a completed corrective rise.

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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