For S&P, One Bearish Possibility Has Diminished

On Tuesday, I noted on ElliottWaveTrader.net that if the E-Mini S&P 500 futures rose above the 1446 level, the move would invalidate the "immediate" larger bearish perspective with targets in the mid-to-low-1300 region. The S&P climbed above that level Wednesday, but we have not taken that bearish possibility completely off the table. It has become much less probable at this time, though the potential still exists. For now, we would need to see either an actual break down below 1407, or a wave count setup that projects below that level, in order for that door to open again.

At this point, we are still left with our two main possibilities. Either the fourth wave has completed and the S&P is heading above 1500 in short order, or even lower levels will be hit, thus completing a larger fourth wave....200 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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