Elliott Wave Analysis On GOLD And SP500

By: Gregor Horvat | Wed, Mar 30, 2016
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GOLD

Gold can already be in a corrective set-back it seems after recent push below the wave 4 swing low which looks like a wave A as part of a three wave set-back. We are tracking wave 2) now that can retrace even back to 1220-1225 area where we would expect a bounce later this week. Invalidation level is at 1208; as long this one is in we will look higher.

GOLD, 1H

Gold 1-Hour Chart

S&P500

E-mini S&P500 is trading sharply higher making move from 2018 extended so it can be wave iii as well as part of an impulsive trend. However, we see price at 161.8% Fibonacci extension so we may see some short-term pullback for sure with 3-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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