WaveTrack International

Elliott Wave Financial Price Forecasting

Stock market commentary

by m.tamosauskas| May 23, 2013 | No Comments

The S&P’s upside progress from the mid-November low of 1343.35 describes an Elliott Wave five wave impulse pattern approaching completion. Two fib-price-ratio measurements are used to define its completion – first, extending waves 1-4 by a fib. 61.8% ratio projects to 1668.68; this has now been surpassed during the last couple of days – second, a fib. 61.8% correlative ratio of waves 1-3 added to the 4th wave low of mid-April projects wave 5 to 1693.83. With the 3rd wave already designated as the ‘extended’ sequence of the larger impulse advance, the 1693.83 calculation should be enough to terminate the 5th wave. Slight deviations may occur but we await price rejection and a subsequent reversal signature before confirming a counter-trend decline is underway. A return back to 4th wave ‘preceding degree’ would be appropriate as this converges with the fib. 38.2% retracement level towards 1550.57. This represents a depreciation from the high of about -8.5% per cent. The Dow’s equivalent 5th wave advance now measures exactly as its 1st wave although it could trade slightly higher before joining the S&P reversal. Interestingly enough, our European benchmark the Eurostoxx 50 by comparison has gained little beyond its 3rd wave high of late January and appears precariously top-heavy as if awaiting its counterparts to complete into measured highs before beginning a larger counter-trend decline. In Asia, the Hang Seng remains below its January high and is delicately poised to resume its counter-trend decline. The Nikkei rolls ahead but our maximum measured upside target towards 16488.75 for the completion of its five wave advance from last June’s low of 8238.96 could fall short if the S&P begins an immediate reversal.

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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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