S&P500 Trading At The End of A Correction; A Reversal In Sight - Elliott wave Analysis

Gregor Horvat Wavetraders

Good morning everyone!

We have seen a nice recovery on stocks, which has been technically expected because of a completion of a five wave decline last week. We know that after every five waves market makes a three wave rally, which is now very mature, so we should be aware of a possible turn down from resistance in the upcoming sessions. But SP500 futures can still make another retest of that 2830-2850 area, before taking a step lower.

S&P500, 1h

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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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