Elliott Wave Analysis: GOLD and SP500

By: Gregor Horvat | Wed, Apr 2, 2014
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We were looking for a bullish reversal on gold lately because of five waves down from 1393 and it seems that bottom is now finally forming. Notice that price bounced sharply from below 1280 zone and retraced close to former wave iv). As such, that's a clear and important evidence for a completed red wave v) in (a), thus price are set-up to recover in three legs within wave (b) in sessions ahead.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart

The S&P futures did not move much in the last couple of hours, so we see prices still trading in fourth wave. Projected levels suggest a deeper pullback, down to 1868/1870 before uptrend resumes. Keep an eye on 1859; overlap would invalidate current bullish outlook.

S&P 500 (June 2014) 1h Elliott Wave Analysis

S&P 500 (June 2014) 1-Hour Elliott Wave Analysis Chart

 


Written by www.ew-forecast.com

 


 

Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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