S&P500 is trading higher and higher reaching new high almost in every trading session. However, from an Elliott wave perspective uptrend may slow down in the near future, since price are already trading in a fifth wave, final leg of an impulse structure shown from 1173 lows.
Guest post by Gregor Horvat
We know that at least correction follows after a five wave move is done! In fact, we can also see that bulls are losing strength, confirmed by a bearish divergence on the RSI, which is very common in fifth waves! First important target/resistance region of a current wave 5) is at 1260, followed by a 1280 region if move from 1231 extends.
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