GOLD and SP500 Intraday: Elliott Wave Analysis

By: Gregor Horvat | Mon, Nov 10, 2014
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A strong move occur on Friday which must be an impulse, while slow and sideways move in three legs are corrections. Well, we can see a nice pullback from the high which has a corrective look, so it can be wave (iv) as part of an incomplete five wave rally up in wave A/1 that can be targeting 1190. A break above red wave b) high will open door for a new high.

GOLD 30min Elliott Wave Analysis

GOLD 30-minute Elliott Wave Analysis Chart

Markets did not move much in the last couple of hours, but they are in risk-on mode it seems with lower USD and higher stocks. On the E-mini S&P500 we see a sideways price action that looks like a triangle placed in a fourth wave so market could continue to a new high in the next 24 hours and possibly even extend to 2040 while 2020 stays in place.

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

S&P500 (December 2014) 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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