WaveTrack International

Elliott Wave Financial Price Forecasting

S&P 500

by m.tamosauskas| November 12, 2012 | No Comments

As highlighted in the last update, the S&P’s failure to respond from the 1388.00+/- area has confirmed the completion of the June upswing at the 18th October high of 1464.02 as a truncated 5th wave. This means that a counter-trend sequence to the entire 1266.74-1464.02 advance is underway which suggests a continued decline during the next couple of months. Shorter-term, an interim downside target is measured to 1373.03-67.01 – a subsequent reversal would trigger a temporary counter-trend rally into an idealised upside area of 1414.70+/- but could do more. This forecast is negated above 1464.02.

 (Become an EW-Compass report subscriber and see how this pattern continues to develop and what’s coming up in the larger time-series).

 

Category: S&P 500

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