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SP500 – Approaches Upside Targets!

by WaveTrack International| October 30, 2019 | 22 Comments

SP500 – Leading/Expanding-Diagonal Approaches Upside Targets!

  • SP500 August’s five wave overlapping diagonal is approaching upside targets of 3063.00+/-. Ahead of today’s Federal Reserve FOMC interest rate announcement. Very timely for a reversal-signature downswing. Deep retracement forecast through to year-end. But secular-bull uptrend remains very much in play

    • What do U.S. and European stock markets have in common? Well, the list is extensive. However, from an Elliott Wave perspective, the most pertinent answer to this question is that both have evolved higher from their August lows into five wave impulse patterns. And even more important, they are completing just ahead of today’s Federal Reserve FOMC interest rate announcement – coincidence?

    Nah, don’t believe in coincidences, especially when pattern alignments like this occur.

    Yet, European indices have pulled higher from their August lows developing into five wave ‘expanding-impulse’ patterns whilst the benchmark SP500 index (futures) has developed into a five wave ‘diagonal-impulse’ pattern. The distinction between these two types of ‘impulse’ patterns is that one has a typical ‘extended’ wave, either 1-3-5. Whilst the other does not whilst exhibiting ‘overlapping’ sequences in waves 1-4. Tutorial over!

    October 2nd ‘s report identified the SP500’s diagonal during its 4th wave correction – see fig #1. This is a leading/expanding-diagonal which is very difficult to identify. Unless you know the internal structure of the pattern and its relative proportional dimensions. The 4th wave was forecast ending
    towards 2891.00+/- then turning higher to complete a 5th wave towards 3063.00+/-.

    E-mini SP500 Futures - 540 mins. - TRACK RECORD - 2nd October 2019 - WaveTrack International

    E-mini SP500 Futures – 540 mins. – TRACK RECORD – 2nd October 2019

    SP500 Fast-Forward

    We can see how the 4th wave completed down to a momentary price-spike of 2855.00 but then turning higher to begin the 5th wave advance – see fig #2. Upside targets are being approached right now and could even have completed already into last night’s high of 3046.25.

    E-mini SP500 Futures - 540 mins. WaveTrack Elliott Wave Forecast

    E-mini SP500 Futures – 540 mins. – RESULT! 30th October 2019 – WaveTrack Elliott Wave Forecast

    SP500 – Conclusion

    The approach to upside targets to complete the diagonal and the relative five wave uptrends in European indices can’t be a coincidence heading into today’s Federal Reserve FOMC interest rate announcement. However, it’s possible that once the rate decision hits the screens, the SP500 pops higher to 3063.00+/- but then declines afterwards. Buy the news, sell the fact! Either way, there’s a heightened risk of a reversal-signature today.

    Find out what WaveTrack’s latest SP500 forecasts are and subscribe to the Elliott Wave Compass report.

    The ELLIOTT WAVE COMPASS report focuses on the shorter-term perspective of price development comprising of two online updates per week describing and illustrating a cross-section of market trends/counter-trends for stock indices, bonds, currencies and commodities from around the world. This report is ideal for professional and private clients trading a time horizon of a just a few days to a few weeks ahead.

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    Category: Elliott Wave Charts, S&P 500, SP500, Uncategorized, US

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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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