Elliott Wave Analysis For EURUSD and SP500

By: Gregor Horvat | Tue, Oct 21, 2014
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Stocks have recovered much higher than we thought, so now we are wondering if rally from 1815 is wave C as part of a correction, or is it wave 3. However, the important is a five wave move from 1815 now with final leg, subwave (v) in progress, which means that upside can be limited. With that said, traders should be aware of a short-term bearish reversal in sessions ahead. 1915-1930 is a resistance that could limit gains.

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

S&P500 (December 2014) 1-Hour Elliott Wave Analysis Chart

As long the EURUSD is above 1.2700 we will look at move since Oct 15th as a corrective wave B. There are chances for a triangle, but we are unsure and further bullish direction unconfirmed until we get a rally back to 1.2838.

EURUSD 1h Elliott Wave Analysis

EURUSD 1-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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