Elliott Wave Analysis: SP500 and German DAX Intraday

By: Gregor Horvat | Thu, Apr 10, 2014
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The USD index has extended weakness yesterday and sent majors even higher after the FOMC meeting minutes with several members saying the statement overstates the rate rise pace. Supportive for majors was also a bounce on the stock market. We see S&P recovering nicely, but the question is for how long this recovery can last!? In fact, USDJPY is not following the S&P and it's because of higher US bonds. If US bonds with continue higher then upside on the S&P can be limited.

On the S&P hourly chart we see five waves down followed by a three wave rally to current 61.8% retracement level. Wave c is quite extended and puts some doubt in bearish view but that's why intermarket analysis matters. We also looked at the German Dax where rally also appears to be corrective because of previous five wave decline. Resistance on DAX fro wave (c) is at 9610-9650. I am thinking to load some shorts for myself in that region.


S&P Futures 1h Elliott Wave Analysis

S&P Futures 1h Elliott Wave Analysis


German Dax 1h Elliott Wave Analysis

German Dax 1h Elliott Wave Analysis

 


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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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