Elliott Wave Analysis: GOLD and SP500 Intraday

By: Gregor Horvat | Wed, May 28, 2014
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S&P is in bullish mode, but because five sub-waves within blue wave (iii) we expect a retracement in the next few sessions. This should be wave (iv) with coming pullback even back close to 1900 level where former wave iv) may react as support.

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

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

On GOLD we see nice bearish swings with no overlaps in the last 24 hours which is a nice example of an impulse. Impulses are five wave patterns and based on latest intraday data we see room for another leg down to 1255 in the short-term. 1267/68 is resistance.

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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