WaveTrack International

Elliott Wave Financial Price Forecasting

SP500 – CORRECTION DUE!

by WaveTrack International| May 10, 2018 | 4 Comments

SP500 – 5 Wave Expanding-Impulse Pattern Ending Now – Correction Due!

  • SP500 is in the process of ending a short-term five wave uptrend that began from the early-may low of 2591.25 towards 2708.75+/-. A corrective downswing is measured towards 2649.50+/-
  • Tuesday’s update in our latest report stated ‘…The current intra-hourly advance from the early-May low of 2594.62 (2591.25 futures)…is developing into a five wave expanding-impulse pattern – upside targets are measured towards the 2708.00-18.00+/- area. Upon completion, this ends wave < a > within a developing zig zag pattern…’.

    That five wave pattern can be seen approaching upside completion now – see fig #1. Labelled 1-2-3-4-5, note that wave 5’s upside targets at 2708.75+/- are derived where this fifth wave unfolds by a fib. 61.8% ratio of waves 1-3.

    SP500 Index - Futures - 30 mins. - by WaveTrack International

    SP500 Index – Futures – 30 mins. – by WaveTrack International

    A counter-trend decline is perfect timing to begin wave < b > within this developing, larger uptrend. Idealised retracement levels are towards the fib. 50% retracement area at 2649.50+/-.

    Conclusion

    Current forecasts are ticking all the right boxes with pattern development following the precepts of the Elliott Wave Principle. What does this tell us? – it tells us that once a short-term correction has ended, the SP500 along with the other major U.S. indices will trend higher again. A re-test and even a slight break above the February highs seem inevitable.

    Are you trading the SP500, EuroStoxx, Nasdaq100, Russell 2000, Dow Jones 30, Dax, FTSE100, Shanghai Composite, Hang Seng or ASX200? Don’t miss WaveTrack’s regular updates in our bi-weekly EW-Compass Report! Ensure you’re tracking our Forex forecasts – subscribe online for the EW-COMPASS REPORT.

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    About WTI

    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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