25 May 2015
S&P 500 E-mini rally expected to continue – ElliottWave-Forecast
FXStreet (Barcelona) - Daud Bhatti of ElliottWave-Forecast, expects the S&P 500 e-mini index to keep heading higher as long as the 2057.41 low remains intact.
Key Quotes
“Current preferred Elliott wave view suggests the rally from wave X low at 2057.41 is instead unfolding in the form of a triple correction ((w))-((x))-((y))-((x))-((z)), where wave ((w)) ended at 2113.5, wave ((x)) ended at 2079.25, and wave ((y)) ended at 2134. Second wave ((x)) pullback is currently in progress towards 2101.09 – 2113.03 before the Index turns higher in wave ((z)). We do not like selling the proposed wave ((x)) pullback. Once wave ((x)) pullback is complete in 3, 7, or 11 swings, buyers are expected to come again and push the Index higher provided pivot at X (2057.41) low remains intact.”
Key Quotes
“Current preferred Elliott wave view suggests the rally from wave X low at 2057.41 is instead unfolding in the form of a triple correction ((w))-((x))-((y))-((x))-((z)), where wave ((w)) ended at 2113.5, wave ((x)) ended at 2079.25, and wave ((y)) ended at 2134. Second wave ((x)) pullback is currently in progress towards 2101.09 – 2113.03 before the Index turns higher in wave ((z)). We do not like selling the proposed wave ((x)) pullback. Once wave ((x)) pullback is complete in 3, 7, or 11 swings, buyers are expected to come again and push the Index higher provided pivot at X (2057.41) low remains intact.”