WaveTrack International

Elliott Wave Financial Price Forecasting

S&P 500 daily analysis (EWT + Momentum study)

by m.tamosauskas| September 10, 2014 | No Comments

S&P 500 is topping. Yes, there are little doubts about that, the only question left is do we have one more additional upswing prior to staging the big decline or not? Last week we showed deteriorating weekly market internals, today we focus on the daily chart. Basis our preferential Elliott Wave count, the advance that began from the June ’12 low of 1266.74 is labelled as intermediate wave (3), subdividing i.-ii.-iii.-iv.-v. in minor degree. This five wave expanding-impulse pattern is obviously mature, so the risk/reward ratio is definitely in favour to the downside:

01_sp140910

The following two charts, prepared by our team analyst who is tracking momentum studies, shows the Dow Jones Industrial is on the verge issuing a SELL signal:

INDU0910

Notable development on S&P 500 Bullish % index – first, huge negative divergence between the index and the S&P 500 and second, watch the modified RSI reading –  a break below  its 21 EMA would issue a SELL signal also, which has been reliable in many cases:

SPX0910

Just a reminder, the latest market commentary (updated twice a week and absolutely for free) including all asset classes can be found in front of our main website: https://www.wavetrack.com/

(Intraday price development is updated twice per week via EW-Compass report, contact us if you would like to see an example: link)

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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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