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S&P500 Could Reverse Lower From 1500

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Jan 23 2013

We are sure that stocks traders have some very good time these days when markets are up day by day. We were successfully tracking this impulse up on S&P500 over the past few days which may not end anytime soon. But you however should be aware of a possible corrective pull-back from 1500 psychological level.
From an Elliott wave perspective we have five waves up in wave 3 which may end at Fibonacci some of the extension levels as shown on the chart, around that 1500 figure. Anyhow if/when pull-back occurs, this will be only temporary and corrective wave 4 before market breaks higher again.




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