By Gregor Horvat
| Stock Markets
| Jan 31, 2013 03:46PM GMT |
Below is the detailed wave count for the S&P 500 since the start of January. Market has been in sharp uptrend for the whole month, clearly in impulsive fashion. In our past updates we also noted that we could see a pull-back or a sideways price action from above the 1500-psycho level. Well, that appears to be the case as th market fell more than 10 points from 1510 yesterday after the FOCM statement. Anyway, those who trade the S&P 500 cash market must be aware of a larger trend, which is still up and, based on Elliott Wave theory, we see the current pull-back as a temporary pause within a larger uptrend. Most likely it's the corrective red wave 4) that may find a support at 1496 or maybe 1488/90.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.