Elliott Wave Analysis: GOLD and SP500 Intraday

By: Gregor Horvat | Fri, May 23, 2014
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Markets are mostly moving sideways, especially the FX market. On stocks there is a different story, we have seen a quite nice recovery on S&P this week, but market can be just in temporary corrective rally as part of a bigger downtrend. We see three waves up from 1858 with five sub-waves in wave (c) so be aware of a bearish moves once/if 1882 swing support is taken out.

S&P500 (June 2014) 1h Elliott Wave Analysis

S&P500 (June 2014) 1-Hour Elliott Wave Analysis Chart

Ranged and limited price action is still the case on metals, and it seems that it may stay like this for till early next week. However, we are observing a triangle, now wave e) that is final leg within this pattern, so we suspect that break will occur till the end of May, ideally to the downside. For the short-term swings, we now expect a drop down, close to 1285/87 region.

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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