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S&P 500 retracement could lead to new highs: Elliott Wave

By Gregor Horvat

January 14, 2014 • Reprints

S&P 500 four-hour

The S&P 500 (CME:SPH14) moved to the downside as expected; price fell into a third leg of decline counted from the highs, which we think represents an a-b-c move, called a zigzag placed in wave iv). Price is now at 38.2% retracement area, which comes in around the swing high back in December that could turn into a nice support level for a new reversal to the upside.

S&P 500 one-hour

S&P 500 futures fell sharply to the downside yesterday, clearly in impulsive fashion, but don’t turn bearish too soon; now it’s time to be aware of a bigger picture. As you know, we see the current move down from the highs as a corrective retracement. Ideally it’s an a)-b)-c) down in wave (iv) now at the support, so be aware of an impulsive bounce. A rise back above 1826 will put this market back in bullish mode.

About the Author

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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Free Newsletter Modern Trader Follow

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