Elliott Wave Analysis On GOLD And SP500

By: Gregor Horvat | Wed, Mar 30, 2016
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GOLD

Gold can already be in a corrective set-back it seems after recent push below the wave 4 swing low which looks like a wave A as part of a three wave set-back. We are tracking wave 2) now that can retrace even back to 1220-1225 area where we would expect a bounce later this week. Invalidation level is at 1208; as long this one is in we will look higher.

GOLD, 1H

Gold 1-Hour Chart

S&P500

E-mini S&P500 is trading sharply higher making move from 2018 extended so it can be wave iii as well as part of an impulsive trend. However, we see price at 161.8% Fibonacci extension so we may see some short-term pullback for sure with 3-waves.

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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