S&P 500 trading bullish

Elliott Wave Analysis: S&P 500

Let’s look at the S&P 500 and its 4-hour structure. The S&P 500 has been trading clearly bullish since the end of August. We see price unfolding a five-wave movement to the upside, with price currently trading at the end of Wave 3) of a bigger impulse. Remember: An impulse is a motive wave, meaning it contains five sub-waves. This means, we can still expect some upside to follow on the S&P 500, as only three waves are visible. We still lack waves four and five, before a bigger three-wave pullback could come in play.


S&P 500, 4-hour

Ideally, the price will touch region near 2540 level for a bigger wave III. 

 

@ewforecast

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.