Elliott Wave Analysis For SP500 and USD Index Intraday

By: Gregor Horvat | Mon, Nov 3, 2014
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US markets will open in around 30mins and looks like the direction will stay the same as last week. We see an impulse in progress heading towards 2030 in this week, especially if we consider a triangle shape in current fourth wave. Only move back beneath 1985 could invalidate the bullish look for the next 48 trading hours.

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

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

The reason why we are bullish on the USD across the board, is obviously also a bullish trend on USD Index. Last week market broke back to yearly highs so ideally new impulsive bullish leg is now in progress which means that latest pullback from the top is most-likely just another corrective wave. We are looking at a red wave iv) that can find a support in sessions ahead around 87.00 area. So sooner or later price can break back to the intraday highs. At the same time, EURUSD can move back to the lows.

USD Index 30min Elliott Wave Analysis

USD Index 30-Minute Elliott Wave Analysis Chart


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

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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