Short-Term Elliott Wave Education & Forecasts From EWI

Something extremely exciting to note about this borrowed article is that since their last publication, their wave count and short-term forecasts have conformed exactly to the ones we made two weeks ago!  Everything is lining up properly.  The Russell has topped, the SPX and the Dow have one more gasp, and the Nasdaq will likely follow the Russell.

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S&P 500: Elliott Wave Forecasts, Simplified
Plus, your FREE opportunity to test-drive our intraday S&P forecasts for 1 full week — starting now
June 15, 2012

By Elliott Wave International

Here’s what Elliott wave analysis is all about: You study charts to find non-overlapping 5-wave moves (trend-defining) from overlapping 3-wave ones (corrective, countertrend).

With that in mind, please take a look at this chart of the S&P 500, which our U.S. Intraday Stocks Specialty Service (FreeWeek is on now) posted for subscribers at 9:37 AM today (June 14):

Immediately, you can see that the S&P 500 has been moving sideways in a choppy, overlapping manner. That’s the definition of a correction — i.e., that is NOT the trend. The trend, as the U.S. Intraday Stocks Specialty Service editor Tom Prindaville said in the morning market overview, was higher — at least in the short-term:

…sideways-to-up over the very near term will be expected. Simply put, overall higher near-term remains the intraday call — to complete a corrective second wave.

And here’s a chart of the S&P 500 at the close of the market that the Service posted at 3:34 PM on the same day:

To make this bullish forecast, the Service editor Tom Prindaville was simply following the Elliott wave model of market progression. The model called for a completion of the developing wave 2 — in this case, “higher near-term.”

Market corrections — the sideways, choppy moves you see in both charts above — are notoriously hard to forecast. And not every Elliott wave forecast works out. But you do get a real, practical roadmap of the expected market action.


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This article was syndicated by Elliott Wave International and was originally published under the headline S&P 500: Elliott Wave Forecasts, Simplified. EWI is the world’s largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.

Christopher Diodato

About Christopher Diodato

I have been trading since my eighteenth birthday to pay for my college tuition. It was at first rocky, but now trading is my love, my work, and my passion. In addition to my experience in markets, I have passed all three exams to obtain the Chartered Market Technician (CMT) credential. I believe that I am the youngest to ever do so! I want to help out small investors to make some money on the side. There's a common notion out there that "big money" rules all. I disagree. With enough hard work and discipline, anyone can become the next Paul Tudor Jones!