Elliott Wave Analysis For SP500 and GOLD Intraday

By: Gregor Horvat | Tue, Sep 30, 2014
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US cash market will open in around 30mins when we may see a continuation to the upside following a reversal yesterday from 1955 seen on the S&P500. Based on the wave count we assume that price is now recovering in wave 2)/B) that could look for a resistance around 1990 later this week.

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

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

GOLD is at the lows, out of a triangle that completed fourth wave earlier that we thought, but still then price moved into our anticipated direction. Well, an updated count and triangle measurement suggests more weakness in sessions ahead. There is room for a decline to 1190 to complete fifth wave, but at the same time we need to keep an eye on 1220 swing. Above that it will signal for a bullish turn.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart

 


 


 

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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