S&P500 Looks Towards New High – Elliott Wave Analysis

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The stock market is back in bullish mode after yesterday’s rally on the S&P500 back close to all time highs. At the same time the USD has turned down across the board, similar was with JPY so it looks like the risk-on mode is still in play.

On the S&P futures market we see a nice clean bullish pattern on the intraday charts after only three wave retracement down to 1833 which was a contra trend move, now finished. In fact, a reversal from that low looks impulsive and already took out the upper side of a corrective channel so bias is bullish for move above 1860, ideally to 1870 in sessions ahead. A demand zone for this market is at 1840-1846. Any longs taken in that zone should have stops placed beneath 1833 invalidation level.
S&P500 (Mar 2014) 1h Elliott Wave Analysis

SPX Intraday

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.