Elliott Wave Analysis On Gold And SP500

By: Gregor Horvat | Wed, Nov 18, 2015
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GOLD

An intra-day triangle on gold can be near completion, so wave (iv) can send price to new lows very soon. We see room for a fifth wave of decline to 1060 area that can be reached while price trades beneath 1074.

GOLD, 1H

Gold 1-Hour Chart


S&P500

E-mini S&P500 made a nice move up from 1998 to 2063; clearly in five waves called an impulsive wave. That's very important bullish pattern that suggests more upside after any corrective set-back. First three wave set-back is now in play it seems which can reach 2040/2038 before market turns up for a new impulsive reaction towards 2090.

S&P500, 1H

S&P500 1-Hour 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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