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S&P500 Expected to Reverse Next Week- Elliott Wave Analysis

We see nice bounce from the recent 1830 level but a move to the upside can be temporary as we see a corrective personality on the lower time frames. An ideal correction in wave B would reach a top at 2020-2040 in the next few days from where prices could fall back to the lows, deeper within the ongoing corrective red wave IV).

S&P500, Daily


On the 4h chart, S&P500 is back at the highs, so it seems like wave (C) of the flat in wave (B) is still in play towards 100% projection level of wave (C=A) which comes in around 2050. In that zone we also see that black sub-wave 5 will be equal to wave 1, so it’s seems like an ideal area for a reversal down next week.

S&P500, 4h

s&p 4h

A Flat is a three-wave pattern labeled A-B-C that generally moves sideways. It is corrective, counter-trend and is a very common Elliott pattern.

Basic Flat Pattern:


Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!