SP500: down, eventually sideways
Source: http://www.g2trader.com/index.php?option=com_contentview=articleid=51:sap500-down-eventually-sidewayscatid=1:elliott-wave-theoryItemid=6Posted on Saturday, November 29th, 2008 | In Market Commentary
Contributed by: Graziano Nanetti (http://www.g2trader.com) -
S&P500 has hold 750 points and now it is pointing up to its first resistances.
880, first resistance and previous support, has been crossed, and now next resistance is very near, just at 905-910. Eventually, above those levels, this pullback should stop at 960, 38,2% retracement of wave 3.
750 is a key level since it is here that wave 3 is equal to 2,618 times wave 1. Now we are inside a fourth wave, labeled with 4 of (3), and I expect a sideways movement between 905-910 and 750. Eventually, below 750 I would change my counting.
28th of November, setup date, could intercept a top. Next setup period is 8-18th of December. During those date we could intercept an important bottom of the market.
Humanitas, Felicitas et Libertas omnibus!
Last 5 posts by Graziano Nanetti
- SP/MIB: go down, nice and slow ... - February 17th, 2009
- SP/MIB: the nightmare will go on - January 24th, 2009
- SP/MIB: where do we go - hypo 2 - December 20th, 2008
- SP/MIB and Bradley Siderograph: did it work this year? - December 14th, 2008
- SP500: bull trapped? - December 6th, 2008
Graziano Nanetti is an independent analyst and has years of experience in technical analysis for stocks and indexes. G Squared is born from an idea of Graziano Luciano and Graziano Nanetti, founders of G Squared.
Previously, Graziano Nanetti was the author of the financial blog RNE Trading. His blog expanded to include more detailed contents about markets and to publish the great material he received from Graziano Luciano.
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