WaveTrack International

Elliott Wave Financial Price Forecasting

S&P 500 January 23 2013

by m.tamosauskas| January 23, 2013 | 4 Comments

[No immediate change] The S&P is now approaching original upside targets towards 1494.04 – a reversal from here is expected to confirm the completion of the entire Nov.’12 upswing and initiate declines in the weeks ahead. Failure to reverse from current levels could extend the advance to higher resistance at 1506.77-07.29, but the probability (based on momentum studies) clearly favours an immediate sell off. Subsequent downside targets remain at 1326.61-16.35.  This forecast is revised only by acceleration above 1506.77-07.29.

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

Comments

  • steve

    how can you say that we’ll correct to 1326 when that would violate EWT? We are currently in wave 3 up with wave 5 to come. Also what is your time frame for this correction target? I think wave 4 will only go to about 1460 max before wave 5 to 1550.

  • Hello Steve,
    This drop will not violate the EW Theory since the expected drop will balance the completed minor wave i. that advanced from the 1266.74 low to the 1464.02 high (truncated 5th wave). The following decline as per our primary count is unfolding into an expanding flat pattern there currently minute wave b is aproaching its upside targets. Once completed, the final third sequence of an expanding flat as minute wave c can not drop bellow 1266.74 – which is absolute negation point.

  • steve

    Thanks. What’s your correction target for the RUT since your SPX target is 1326? Take care.

  • Hi Steve,

    on RUT the downside measurements are projected towards 798 during the next few months.

    Martynas

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WaveTrack International is a financial price forecasting company dedicated to the Elliott Wave principle and work of the R.N. Elliott. Clients include Investment Banks, Pension Funds, Total/Absolute-Return/Hedge Funds, Sovereign Wealth Funds, Corporate and Market-Making/Trading institutions and informed individuals -- & just about anyone who is affected by directional price change.

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