S&P 500 Moves Impulse From 1800 Towards 2000
S&P 500 (CME:SPM14) accelerated to the upside this month with increasing volume and momentum. In fact, the move from 1858 is very strong, so based on personality we think it was wave three of a five waves in progress in blue wave (5). As such, we expect even more upside in coming days; market may reach levels around 1980/2000.
S&P 500 Daily Elliott Wave Analysis
S&P 500 Four Hour
S&P 500 has turned bearish last week from around 1954 after a complete five wave rally from 1915, labeled as wave (v). This wave (v) was part of a big five wave move, so we suspect that current decline is just another three wave retracement. We are looking at (a)-(b)-(c) decline that could bottom in this week around 1915 mark, at former wave (iv). So for the very near-term there is room for another push lower, but then keep an eye on bullish reversal sings.
S&P 500 4h Elliott Wave Analysis