GOLD and SP500 Intraday - Elliott Wave Analysis

By: Gregor Horvat | Fri, Jul 17, 2015
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S&P futures did not go far in the last 24 hours, so our view did not change; looking for a reversal down into a three wave retracement for wave B) soon. Notice that we can count five waves up from 2037 while current price is already outside of upward channel so momentum is decreasing, signaling for a turn.

S&P500 (Sep 2015) 1h Elliott Wave Analysis

S&P500 (Sep 2015) 1-Hour Elliott Wave Analysis Chart

Metals are trading lower following solid US CPI, Housing and Building Permits figures. Gold is already at new low of the year but it may not take much time to get beneath 2014 which is at 1131 level. On the Elliott wave count we see sharp leg down from 1145 so it can be wave five of three with wave four bounce to come in sessions ahead up in wave four before price gets even lower, well beneath 1130. Any correction next week could stop around 1145 resistance of a former wave four.

GOLD 1h Elliott Wave Analysis

GOLD 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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