DJIA and FTSE100 Intraday: Elliott Wave Analysis

By: Gregor Horvat | Wed, Sep 3, 2014
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US markets will open in less than 15mins with the cash market at their highs. We were looking for that push up in this week as latest sideways price action was just another correction within uptrend. It was fourth wave so market is now running up in wave five of an impulsive structure from August low which means that upside can be limited. But there is room for 17200 on DJIA, or even 17350 if gains will stay here till the NFP that can be a trend changer. However, I would not be buying here, expecting a retracement soon.

DJIA (September 2014) 1h Elliott Wave Analysis

DJIA (September 2014) 1-Hour Elliott Wave Analysis Chart

FTSE100 traded higher today as expected and finally reached levels around 6900 where market could be looking for a top of a fifth wave, so sooner or later market will turn south. Break beneath the channel line and 6804 support will be an early sign for a completed five wave move from 6493.

FTSE100 1h Elliott Wave Analysis

FTSE100 1-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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