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Elliott Wave Analysis: S&P500 Looking Higher, Reaching For Possible

Stocks recovered very nicely and sharply since the mid of February so a new bullish reversal is here. The reason for a bullish trend is a five wave rise from 1802 which is an impulsive structure that shows the direction of a trend. As such, we will continue to look even higher if we consider that the recent retracement down to 1980 psychological level has a corrective look, ideally wave II flat correction that is completed as the price made a nice bounce towards 2160 area. That said we believe a more bullish price action may follow.

S&P500, Daily

SNP D

On the lower time frame, S&P500 is trading nicely higher with a clear impulsive personality away from 1981 area where the market completed a big corrective set-back. As such, we will look now much higher on stocks as the current rally should be made by five waves. At the moment, we see market trading very slow in the middle of a summer, so we believe it’s just a pause within an uptrend. We are looking at wave four   now that can be a triangle which should send the price to a new high; up into wave 5), possibly even to 2200 region.

S&P500, 4H

SNP 4

 

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!