On the S&P500 price turned lower from the upper line of an Elliott Wave channel where normally fifth wave completes an impulsive cycle. In fact, price turned lower in the last few sessions and also took out the lower trend line which is another indication for a reversal. As such, we believe that market is at the start of a new three wave decline, now still wave A).

S&P500, 4H

Print Friendly, PDF & Email