Elliott Wave Analysis: S&P500 Undergoing A Correction; Possible Reversal Around 2141

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Normally when market completes a five wave move, the direction of a trend will change with minimum three waves. And this is exactly what is expected on E-mini S&P500. We can see five waves up from 1981 with five sub-waves in red wave 5) from 2141 so we have all the pieces of the puzzle in place that can cause a bearish turn. Ideally current weakness from the highs will unfold as a three wave set-back towards the 2141 area, with a possibility of wave A being already completed.

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S&P500, 4H

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.