Elliott Wave Analysis! S&P500 Is Aproching 1500 Psycho Level-Could See A Pullback Fro

 

We are sure that stocks traders have some very good time these days when markets are up day by day. We were successfully tracking this impulse up on S&P500 over the past few days which may not end anytime soon. But you however should be aware of a possible corrective pull-back from 1500 psychological level.

From an Elliott wave perspective we have five waves up in wave 3 which may end at Fibonacci some of the extension levels as shown on the chart, around that 1500 figure. Anyhow if/when pull-back occurs, this will be only temporary and corrective wave 4 before market breaks higher again.

Files:
sp692.4.gif  26 kb