Elliott Wave Analysis On EURUSD And SP500

By: Gregor Horvat | Wed, Jul 13, 2016
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EURUSD

EURUSD is trading in a sideways price action and is not moving much for the last several days so we think this complex correction may be a triangle, that can be near completion as each sub-wave needed for this pattern is already visible. That said we will be looking for higher levels, as we believe that wave c-circled will continue to the upside, reaching for the 61.8 Fibonacci ratio, before making a reversal lower.

EURUSD, 1H

EUR/USD 1-Hour Chart


S&P500

S&P500 is trading nicely to the upside, reaching new highs as part of a bigger impulsive cycle. As we see on the chart, we think that black wave 3 can now be completed, as price reached the 200 Fibonacci ratio, which could cause a reversal into wave 4. As such we now believe that wave 4 could be already underway and that more wakness can follow, idealy towards the 2130 region, where formal wave iv-circled can act as a support and a turning point higher.

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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