Stock Indices Look For Lower: S&P500 and Nikkei Wave Analysis

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spx elliott waveS&P Futures (June 2014) 30min Elliott Wave Analysis.

The US stocks sold-off sharply yesterday after another perfect reversal from 1865 resistance level. We can clearly see that market fell down in five waves so bias is for more downside. Short-term resistance is at 1850.

Yesterday Nikkie futures also turned down, but found bid today during the Asian trading sessions when interestingly the S&P did not follow to the upside as shown on the next overlay chart below. On that chart we also have EURJPY and AUDJPY; EURJPY is still looking weak so we favour continuation lower on that pair if we consider that Nikkei is running now into resistance, so sooner or later market should turn bearish.
Overlay 1h

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Nikkei 4h Elliott Wave Analysis

nikkei elliott wave

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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.