Elliott Wave Analysis On AUDUSD And SP500

By: Gregor Horvat | Mon, Jun 13, 2016
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AUDUSD

AUDUSD looks very attractive on the short side. We can count 5 waves down from the latest highs and now we believe that price is tracing out an ABC pullback with only wave C left to complete the pattern. This wave C up will face a strong resistance possibly around 0.7430-50 region, where formal wave iv can react as a turning point lower. Maybe some short opportunities can pop up.

AUDUSD, 30Min

AUD/USD 30-Minute Chart


S&P500

S&P500 made a nice recent pullback reaching 38% retracement ratio measured from the highs of red wave ii). This is a typical measurement for the wave iv) pullback and now the only thing missing is the last wave v) to the downside for a completion of a full impulsive cycle. From the region of wave iv) we expect one more push down to 2.075-80 levels to complete the structure in the blue wave a.

Afterwards when blue wave a is finished, we believe a three wave pullback could occure in wave b, ideally reaching the lower corrective channel line from where a new drop into wave c may occure.

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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