Looking at the E-mini S&P 500 futures contracts we may spot a potential Elliott wave pattern. In our previous analysis, we have mentioned that impulse waves have been created followed by an “abc” simple correction pattern.
Currently, after the wave "a" we could expect wave “b” and wave “c”. Looking at the chart the wave “b” may be finished soon and wave “c” could create. The potential resistance could be located at 3360 and the nearest target for wave “c” may be located below 3300 pts.
Eventually, the market may create a right shoulder in a head and shoulders pattern.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Currently, after the wave "a" we could expect wave “b” and wave “c”. Looking at the chart the wave “b” may be finished soon and wave “c” could create. The potential resistance could be located at 3360 and the nearest target for wave “c” may be located below 3300 pts.
Eventually, the market may create a right shoulder in a head and shoulders pattern.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
