S&P500 Moves Higher Before Turning Down


S&P500 bounced nicely from 2056 levels last week and recovered with clear impulsive manner. Price also closed bullish on Friday so we believe that new highs are coming. That said, latest minor set-back to 2078 was wave (b) as part of a three wave rally up in wave 5 that can be targeting 2130/2140 area where we will be looking for a completion of a current bullish swings, so strong downside reversal could follow.

S&P500 4h Elliott Wave AnalysisSPX 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.