WaveTrack International

Elliott Wave Financial Price Forecasting

Triple fib-price-ratio convergence

by m.tamosauskas| August 1, 2014 | No Comments

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Back in early July, we presented a triple fib-price-ratio convergence level that proved to be a rock solid resistance. The S&P 500 index was trying to reattempt these highs several times but finally gave up and the result of all of that is a free fall decline.

Yesterday we published an interim report to all our EW-Compass subscribers stating:’ Despite yesterday’s impressive Q2 U.S. GDP figures and the latest comments from the Federal Reserve that it would maintain a highly accommodative policy stance for a considerable period after expiry of the bond-purchase programme, we see the S&P 500 breaking integral support levels below 1952.86 during the opening of today’s session. This suggests a final top is in for intermediate wave (3), ending this advance that dates back to the June ’12 low 1266.74.

Up until today’s action, there was always a chance of the S&P extending into one additional higher high as last night’s short-term update described, but the break below the early-July low of 1952.86 was significant – furthermore the pattern from the 1991.39 high displays an incomplete five wave impulse pattern in downside progress – this also negates the alternate short-term count scenario describing an expanding flat pattern that would allow one additional higher high to develop.’

As we have turned down, the fib-price-ratios will be extremely valuable tool to determine possible support levels and ending point for counter-trend advances. Become an EW-Compass report subscriber and get shorter-term insights to other stock market indices. The latest report will be published later tonight.

Category: S&P 500

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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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