Elliott Wave Analysis: USDCHF and SP500 Intraday

By: Gregor Horvat | Tue, Jul 22, 2014
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USDCHF has met our projected target at 0.9020 that we highlighted it earlier today. Based on sharp rally from 0.8977 we see that one as wave iii) of a five wave structure. Ideally that speaking to 0.8998 was wave iv) so more gains may follow in the next 24 hours, up to 0.9040.

USDCHF 1h Elliott Wave Analysis

USDCHF 1-Hour Elliott Wave Analysis Chart

Traders, welcome back. Both the S&P and USD are higher at the start of the US session, despite lower US CPI figures. The E-mini S&P Futures is now at new swing high, trading around 1975 at the moment following a perfect reversal from 1960 level that we highlighted it yesterday. The wave count now shows possibility for a wave 3 in progress which means that uptrend may extend even to 1990 in sessions ahead, while 1964 should stay in place. Existing Home Sales next, at 14:00GMT.

S&P500 (September 2014) 1h Elliott Wave Analysis

S&P500 (September 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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