S&P is covering some yesterday’s losses, but probably trades only in a corrective pull-back, labelled as a blue wave (iv), as a sharp decline from the 1207 shows a personality of a third wave.
With this being said, a current trend remains bearish for S&P500 as long as the market trades below 1194 critical wave (i) region since we know that in an impulsive structure wave (iv) must not trade into a territory of a wave (i). Target of a wave (v) would be around 1160 region.
Guest post by Gregor Horvat
If you need more Elliott Wave forecast in the forex market, please visit us at www.ew-forecast.com, and check out our services and try our absolutely free trial here.
Want to see what other traders are doing in real accounts? Check out Currensee. It’s free..