Elliott Wave Analysis: S&P500 Could Continue Its Bullish Run; Sub-wave 2) In The Making
Stocks recovered very nicely and sharply since mid of February so new bullish reversal is here. Reason for a bullish trend is a five wave rise from 1802 which is an impulsive structure that shows direction of a trend. As such, we will continue to look even higher if we consider that recent retracement down to 2000 psychological level has a corrective look, possibly wave II flat correction that appears completed now.
S&P500, Daily
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On the lower time frames, S&P500 fell sharply into wave C following UK votes two weeks back; it moved down into final wave of a big corrective set-back from April of this year. We see a flat correction, that is a 3-3-5 contra-trend move that appears finished following recent bounce from 1981 that has impulsive qualities so we think that price may go much higher but after a pullback down into a red wave 2) that is now underway to around 2040-2055.
S&P500, 4H
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