Elliott Wave Analysis: USDCHF and SP500 Intraday

By: Gregor Horvat | Tue, Jul 22, 2014
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USDCHF has met our projected target at 0.9020 that we highlighted it earlier today. Based on sharp rally from 0.8977 we see that one as wave iii) of a five wave structure. Ideally that speaking to 0.8998 was wave iv) so more gains may follow in the next 24 hours, up to 0.9040.

USDCHF 1h Elliott Wave Analysis

USDCHF 1-Hour Elliott Wave Analysis Chart

Traders, welcome back. Both the S&P and USD are higher at the start of the US session, despite lower US CPI figures. The E-mini S&P Futures is now at new swing high, trading around 1975 at the moment following a perfect reversal from 1960 level that we highlighted it yesterday. The wave count now shows possibility for a wave 3 in progress which means that uptrend may extend even to 1990 in sessions ahead, while 1964 should stay in place. Existing Home Sales next, at 14:00GMT.

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

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


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

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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Source: The Contrarian Take http://blogs.forbes.com/michaelpollaro/