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S&P Futures Elliott Wave 9 Sept 2013

S7P500 ElliottWave
S&P Futures 1 Hour Chart
Monday, 9 September 2013 at 11:38:00PM AEST

US stocks futures are at the highs, but recovery from Augusts lows is slow, choppy and overlapping therefore we think...
S&P Futures 1 Hour Chart  (»See 4H Chart)
Monday, 9 September 2013 at 11:38:00PM AEST

US stocks futures are at the highs, but recovery from Augusts lows is slow, choppy and overlapping therefore we think it's corrective move, called a zig-zag. Resistance region is at 1665-1675. An impulsive sell-off from here will suggest that rally is complete and bears on the way back to 1625.



4Hour
S&P 4 Hour Chart
Monday, 9 September 2013 at 5:28:00PM AEST – corrective bounce


S&P500 is trading higher as expected, after we identified end of a five wave decline from 1705. We know that after every five wave move correction follows, so current bounce from 1624 is most likely a temporary recovery, W-X-Y in wave B that will find a top around 1665-1670 region.

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