Elliott Wave Analysis On SP500 And GOLD

By: Gregor Horvat | Mon, May 9, 2016
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S&P500

E-mini S&P500 has five waves up from the low after we identified an ending diagonal last week that now obviously appears finished at 2030. As such, we can expect more gains after any three wave retracement that can already be in the cards now back to 2040-2045 area where we will look for a new bounce, above 2060 while market trades above 2030 invalidation point.

S&P500, 30 Min

S&P500 30-Minute Chart


GOLD

Gold is bearish the last seven days, but for now still only with three waves so decline from 1303 can be temporary. An updated wave count shows that price is now weakening within wave C headed down to around 1263 where we see 100% Fibonacci level that can react as a support. Only bounce from there with five waves back to 1290 would be bullish evidence for a new turn back to the highs.

GOLD, 1H

Gold 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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