GOLD and SP500 Intraday: Elliott Wave Analysis

By: Gregor Horvat | Mon, Nov 10, 2014
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A strong move occur on Friday which must be an impulse, while slow and sideways move in three legs are corrections. Well, we can see a nice pullback from the high which has a corrective look, so it can be wave (iv) as part of an incomplete five wave rally up in wave A/1 that can be targeting 1190. A break above red wave b) high will open door for a new high.

GOLD 30min Elliott Wave Analysis

GOLD 30-minute Elliott Wave Analysis Chart

Markets did not move much in the last couple of hours, but they are in risk-on mode it seems with lower USD and higher stocks. On the E-mini S&P500 we see a sideways price action that looks like a triangle placed in a fourth wave so market could continue to a new high in the next 24 hours and possibly even extend to 2040 while 2020 stays in place.

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

S&P500 (December 2014) 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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