S&P500: Correction Within Uptrend May Stop At 1488/1496 Support Zone
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Jan 31 2013
Bellow its the detailed wave count for the S&P500 since start of January. Market has been in sharp uptrend for the whole this month, clearly in impulsive fashion. In our past updates we also noted that we could see a pull-back or a sideways price action from above 1500-psycho level. Well, this appears to be the case as market fell more than 10 points from 1510 yesterday after the FOCM statement. Anyhow, those who trades the S&P500-cash market must be aware of a larger trend which is still up, and based on Elliott Wave theory we see current pull-back as a temporary pause within a larger uptrend. Most likely thats corrective red wave 4) that may find a support at 1496 or maybe 1488/90.
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