Elliott Wave Analysis On USDCAD And SP500

By: Gregor Horvat | Mon, Feb 22, 2016
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USDCAD

On USDCAD we are looking at declining price action from 1.4018 that can be an expanding diagonal, now moving down into the final stages of decline. We see wave 5 of C) headed beneath 1.3650 and even towards 1.3600 area, where pair can be looking to form a low this week.

USDCAD, 1H

USDCAD 1-Hour Chart


S&P500

E-mini S&P500 keeps moving up, so we adjusted the wave count which is still an impulse from the low, but now with wave v-circled in progress up to 382.% projection level of wave three measured from end of wave four. At the same time we also see a divergence on the RSI, which is very common between waves three and five that indicates a coming turning point. That said, we still think that sooner or later new set-back will occur in minimum three waves.

S&P500, 1H

S&P500 1-Hour 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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