Elliott Wave Analysis: S&P500 Trading Nicely Higher; Some Temporary Resistance May Come In Play Around The 261.8 Fibonacci Ratio

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On the S&P500 price broke out of a triangle formation nearly two weeks back which means that index is now in a final leg up within a higher degree wave 3. As such upside can be limited in the near future, once we have five sub-waves up within red wave 5) of 3. We see some nice resistance at 261.8 Fibonacci ratio, from where market may turn down later this week to start a new corrective pullback of a higher degree wave four.

 

 

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.