The E-mini S&P 500 (CME:ESH14) found some resistance in the 1800-1820 zone. From this high, we have seen a retracement back to 1770. At the moment, a pullback is only in three legs and also still is above the former swing high at 1727. As such, we think this retracement is just another correction within larger uptrend. Ideally it's a wave (iv) as part of an incomplete five wave rally in black wave 3 that could be targeting 1850 in the next couple of week. We would change the count and maybe even turn bearish only if 1727 is broken.
S&P 500 Daily Elliott Wave Analysis
On the four-hour chart, the S&P 500 spiked down to 1753 on Monday. From this low, we have seen a very strong reversal in the last few sessions. This move looks impulsive. We see the current move up as part of a five-wave rally in blue wave (v) that will be targeting new highs and possibly 1825 in days ahead. The trend is clearly in bullish mode as long as 1753 holds.
S&P500 (March 2014) 4-hour Elliott Wave Analysis
S&P 500 futures moved sharply higher yesterday, so it seems that new highs are in play. The current retracement from the high is only a minor correction within the uptrend. The trend remains in a bullish mode as long as 1760 holds, but a move back to 1779 will threaten the current look.
S&P500 (Mar 2014) 1-hour Elliott Wave Analysis