Elliott Wave Analysis On GOLD And AUDUSD

By: Gregor Horvat | Mon, Nov 23, 2015
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Gold

Gold is still in recovery phase, resembling a triangle pattern. It is now trading in last stages of the triangle pattern in wave (e). Price in wave (e) could move towards 1080-1084 area, before turning to the downside into black wave 5.

Gold, 1h

Gold 1-Hour Chart


S&P500

The same goes for S&P500, where price is trading in a traingle pattern, which now looks completed. That said more upside could follow in sessions ahead.

S&P500

A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.

Basic Triangle Pattern :

Idealized Elliott Wave Basic Triangle Pattern

 


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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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