Intraday Elliott Wave Analysis: E-mini S&P500 Looks For Correction

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The EUR rallied, USD fell at the end of last week after ECB press conference and worse than expected NFP figures. Meanwhile the US stocks and commodities rallied as bonds declined.

On S&P500 futures chart we can count five waves up from the lows, which is important structure for a bullish case. We are expecting minimum three waves up from the lows in this week, but before uptrend will resume we need a corrective wave b) move down to 1750/62 region where traders could be interested in long opportunities.
S&P500 (Mar 2014) 1h Elliott Wave Analysis

S&P500 Elliott Wave Analysis

 

Written by www.ew-forecast.com

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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.