S&P500: Elliott Wave comment at 2nd of September

S&P500 movement is always inside a range between 1310 and 1266. We wait for the index to come out from this range.

S&P/MIB break of Fibonacci retracement at 28.800 is pushing the index towards its next strong resistance at 29.350. Above 29.600 we could have a very strong run to 30.000, but I think that the index should stop at about 29.350-29.450, for the moment. In my opinion this is again a corrective movement.

For Elliott Wave counting, further details, targets, setup dates and technical charts, please refer to my newly updated S&P500 and S&P/MIB Weekly Reports.

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