Elliott Wave Analysis For SP500 and USD Index Intraday

By: Gregor Horvat | Mon, Nov 3, 2014
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US markets will open in around 30mins and looks like the direction will stay the same as last week. We see an impulse in progress heading towards 2030 in this week, especially if we consider a triangle shape in current fourth wave. Only move back beneath 1985 could invalidate the bullish look for the next 48 trading hours.

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

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

The reason why we are bullish on the USD across the board, is obviously also a bullish trend on USD Index. Last week market broke back to yearly highs so ideally new impulsive bullish leg is now in progress which means that latest pullback from the top is most-likely just another corrective wave. We are looking at a red wave iv) that can find a support in sessions ahead around 87.00 area. So sooner or later price can break back to the intraday highs. At the same time, EURUSD can move back to the lows.

USD Index 30min Elliott Wave Analysis

USD Index 30-Minute Elliott Wave Analysis Chart


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

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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