DJIA and FTSE100 Intraday: Elliott Wave Analysis

By: Gregor Horvat | Wed, Sep 3, 2014
Print Email

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

 


Get 2 Month Package for the price of 1 month >> http://www.ew-forecast.com/service

 


 

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/

Copyright © 2013-2014 Gregor Horvat

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com

SEARCH





TRUE MONEY SUPPLY

Source: The Contrarian Take http://blogs.forbes.com/michaelpollaro/
austrian-money-supply/