Elliott Wave Analysis: S&P500 Aiming High, As Bulls Push Price Higher
Stocks recovered very nicely and sharply since mid of February so a 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, ideally wave II flat correction that is now completed based on price movement. That said we believe more bullish price action may follow.
S&P500, Daily
On the lower time frame, S&P500 is trading higher for the past month, with a clear impulsive personality away from 1981 area where market completed a big corrective set-back. As such, we will now look much higher on stocks as current rally should be made by five waves. At the moment, we see market trading higher within red wave 5), after recently completing a triangle correction in the fourth wave, which could now reach for 2200 area.
S&P500, 4H
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