S&P500 : Flat correction can be near completion

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S&P500 moved nicely to the upside last week, clearly with five waves up that we see it as wave C) of a flat correction in wave (B). As such, upside can be limited which means that reversal to the downside can follow soon especially as market already moved above 2011 high. Price can turn lower this week.

A Flat is a three-wave pattern labeled A-B-C that generally moves sideways. It is corrective, counter-trend and is a very common Elliott patter.

sandp500 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.