Elliott Wave Analysis: GOLD and SP500

By: Gregor Horvat | Wed, Apr 2, 2014
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We were looking for a bullish reversal on gold lately because of five waves down from 1393 and it seems that bottom is now finally forming. Notice that price bounced sharply from below 1280 zone and retraced close to former wave iv). As such, that's a clear and important evidence for a completed red wave v) in (a), thus price are set-up to recover in three legs within wave (b) in sessions ahead.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart

The S&P futures did not move much in the last couple of hours, so we see prices still trading in fourth wave. Projected levels suggest a deeper pullback, down to 1868/1870 before uptrend resumes. Keep an eye on 1859; overlap would invalidate current bullish outlook.

S&P 500 (June 2014) 1h Elliott Wave Analysis

S&P 500 (June 2014) 1-Hour Elliott Wave Analysis Chart


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

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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