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Elliott Wave Analysis: SP500 and GOLD
E-mini S&P500 is in bullish mode, clearly in wave 3 which already has five sub waves up from 2281 area so it appears that we may see a short-term set-back, especially if we also consider that index is at some important Fibonacci levels for a third wave protection. As such, be aware of a wave 4 correction which may show up in the next few sessions. But generally speaking, S&P500 remains in uptrend as long as 2294 is untouched, as we know that wave 4 must not trade into a territory of a wave one.
Gold is moving nicely lower as expected, now at wave A levels so we can be sure that price is in a third leg of decline. We are tracking C leg which should be made by five subwaves, so expect weakness to extend towards 1213 area in sessions ahead where C=A equality level can cause a new bounce this week.