Elliott Wave Analysis: S&P500 Trading Higher, Out Of A Triangle Pattern

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S&P500 broke to a new all-time highs which has been expected to happen this week based on substructures of an Elliott Wave triangle. We have seen a nice push above 2272 wave D) swing high that confirmed end of a pattern, so ideally market is now underway up to 2300 and then even 2320 area, but only if price stays above 2251. But generally speaking we need to keep in mind that current leg up is most likely a final leg before market makes an important bearish turn.

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Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3. They appear to reflect a balance of forces, causing a sideways movement that is usually associated with decreasing volume and volatility.

Elliott wave triangle pattern:

 

 

 

 

 

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.