Elliott Wave Analysis: S&P500 Reaching For More Upside, 2170/2190 Zone Is In View
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 1980 psychological level has a corrective look, possibly wave II flat correction that appears completed.
S&P500, Daily
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On the lower time frame, S&P500 is trading nicely higher for the last few sessions, now in a red wave 3) that can continue up to around 2170-2190 area in the next few days from where we will expect some corrective set-backs, but again, only a temporary pullback down in red wave four as shown on the four hour chart which is part of a bullish trend. We see bullish trend in play as long as market stays above 2103 invalidation level.
S&P500, 4H
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