Elliott Wave Analysis: SP500 and USD Index

By: Gregor Horvat | Fri, Feb 3, 2017
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S&P500

On the hourly chart of S&P500, we can see a higher degree three wave correction unfolding with price currently trading in wave C). We believe some resistance may be in the cards for the S&P500 around the 50.0 or 61.8 Fibonacci ratio, where even previous mid swings of wave 2 and 4 can act as turning points lower.

A five wave drop from current levels would be a confirmation for a change in trend, from bullish to bearish.

S&P500, 1H

S&P500 1-Hour Chart


SILVER

On the 30min chart of SILVER, we are looking at a nice eight wave cycle unfolding, with price specifically trading in the second portion of this wave cycle, in corrective wave B. We know that after every five waves, a contra trend reaction follows, and in our case this reaction can find its base and a bullish turning point around the previous wave 2 swing at the 17.05 level. At the moment however price may still reach for higher levels within wave B, before making a drop into final wave C.

SILVER, 30Min

Silver 30-Minute 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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