Elliott Wave Analysis: AUDUSD and SP500

By: Gregor Horvat | Tue, Mar 28, 2017
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AUDUSD

AUDUSD is looking for some support down at 0.7584 to be exact, but after only three waves of decline from 0.7648. We think that was a corrective wave B as part of an irregular correction which means that wave 2) can see higher prices. There is room for 0.7648 resistance to be hit, or maybe even 0.7684 before market may start a new bearish leg.

AUDUSD, 1H

AYD/USD 1-Hour Chart


S&P500

Not much of change on E-mini S&P500 intraday chart, where we still see prices in a three-wave advance. It's a recovery that can extend up to 2358 area after wave b/ii is finished, which is now underway. At the same time, I am looking at the RSI divergence line that may indicate a bounce higher into c/iii wave, once upper channel line is tested.

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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