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S&P Futures: Elliott Wave Charting

On the weekly S&P chart we can clearly count five waves down from the 1576 top to 670 area lows, in a move that was reversed in 2009 by bullish price action shown in the red wave B)/2). We are counting that move as a corrective W-X-Y pattern, which looks to be near completion. In that case, a bearish scenario is expected over the months ahead, where a move below 1000 support (wave X low) could be a key level for a potential downtrend.

TheLFB Charting: S&P Futures weekly view

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The London Forex Broadsheet (known as TheLFB) is a is a global forex trader portal based in the U.S. TheLFB's mission is to educate retail and institutional clients on the links that bridge the trader and investor to the free-flowing global market. It serves the needs and develops the skills of forex trading clients with its 30 years of trading and market experience.

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