Elliott Wave Analysis For SP500 and GOLD Intraday
US cash market will open in around 30mins when we may see a continuation to the upside following a reversal yesterday from 1955 seen on the S&P500. Based on the wave count we assume that price is now recovering in wave 2)/B) that could look for a resistance around 1990 later this week.
S&P500 (December 2014) 1h Elliott Wave Analysis
GOLD is at the lows, out of a triangle that completed fourth wave earlier that we thought, but still then price moved into our anticipated direction. Well, an updated count and triangle measurement suggests more weakness in sessions ahead. There is room for a decline to 1190 to complete fifth wave, but at the same time we need to keep an eye on 1220 swing. Above that it will signal for a bullish turn.
GOLD 1h Elliott Wave Analysis