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Elliott Wave Financial Price Forecasting

It’s not over until it’s over (S&P 500 Elliott Wave update)

by m.tamosauskas| June 10, 2015 | No Comments

150610_SPX

The decline during the last weeks extended to a low of 2072.14 on Tuesday, but there is a high probability for the S&P to begin another round of advances from current levels and Wednesday’s price action so far has confirmed this idea. The reasoning behind it is twofold – first, critical support at 2067.93 has been approached but not broken. This is typical for a 2nd wave (in a contracting diagonal, too) as price action scares out many investors before the larger 3rd wave begins. Second, European benchmark indices like the Eurostoxx 50 and Xetra Dax have traded into their idealised support target areas. This points to a possible conclusion for these indices and therefore reinforces the near-term bullishness for the S&P. Note that the 2067.93 level also serves as an important cut-off point to differentiate between two types of pattern – a break below there would significantly increase the likelihood that minuette wave [b] has not ended yet but is unfolding into an expanding flat sequence.

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Category: Elliott Wave, Elliott Wave Charts, Elliott Wave Patterns, Elliott Wave Principle, Eurostoxx 50, fib-price-ratio, Fibonacci Trading, Financial Forecasting, S&P 500, WaveTrack International

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