WaveTrack International

Elliott Wave Financial Price Forecasting

S&P 500 – trend is turning down

by m.tamosauskas| February 22, 2013 | No Comments

The sell off from the 1530.94 high has occurred in five waves. Now, a short-term three price-swing rally is expected, followed by a continuation below 1497.29. This would confirm the reversal signature and, thus, the continuation of declines in the next several weeks. Basis a fib. 161.8% extension of the 1530.94-1497.29 sell off, downside support to complete the 1st wave within the larger five wave impulse decline is measured to 1444.40. Ultimate objectives remain towards 1326.61-16.35. An advance above 1530.94 will revise this forecast.

 (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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