Elliott Wave Analysis: GOLD and SP500 Intraday

By: Gregor Horvat | Fri, May 2, 2014
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S&P futures market reversing from the highs, but current downward leg can be part of a complex correction with support for wave c seen at 38.2 and 50% fib. levels. 1384 remains critical level; trend bullish above it.

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

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

That's deep pullback on GOLD from 1306 but because of overlaps and seven legs we see this move as corrective; ideally a double zigzag. Watch for a push above the trendline and 1297 swing that will confirm further bullish swings, back to 1306.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart

 


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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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