S&P500: Elliott Wave comment at 28th of August

S&P500 critical levels are 1310 and 1266. Above 1310 it could develop an upward movement to target indicated in my S&P500 Weekly Report, and below 1266 it could begin a downward ugly third wave.

S&P/MIB is near to a strong retracement level on hourly chart (see figure on the left). Index should go to 28.700-28800 at maximum, covering the hourly gap left on the chart, and then it should develop a new wave down towards targets written in my S&P/MIB Weekly Report. Critical level to re-think about short position is above 29.000.

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