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.
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