Intraday Elliott Wave Analysis For GOLD and E-Mini SP500
GOLD reversed through 1346 support so it seems that market reached a temporary high and that prices could stay sideways or move even lower in the next few days. We will keep an eye on minimum three waves down, but still need five sub-waves in wave (a) to confirm a bearish turning point back to 1329; termination point of fourth wave.
Our analysis on S&P Futures with a bullish view was on the spot lately, but now it may be time to consider a coming corrective reversal because price seems to be moving up in wave five. In fact, there was a triangle placed in wave four and we know that triangles occur prior to the final move of the larger pattern. If that is the case, then market is now in final part of current bullish trend so bearish reversal should not be a surprise. However, triangle measurement shows room for 1768/1770 before turning point occurs.
S&P Futures 1h
FREE WEBINAR by EW-Forecast.com | Elliott Wave Principle and Live Analysis WEBINAR, Reserve Your Seat Now For Free >>> Here