Elliott Wave Analysis On SP500 And GOLD

By: Gregor Horvat | Mon, May 2, 2016
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S&P500

E-mini S&P500 is turning up from 2045 where index might completed a three wave retracement. However, it's Monday and markets are quite slow so it can be too soon for a bullish call, but we will definitely look back above 2100 if leg towards 2093 would unfold in five waves.

S&P500, 1H

S&P500 1-Hour Chart


GOLD

Gold is moving sharply to the upside since end of last week, now trading at new highs after strong break above the upper triangle line connected from 1283. As such, we will look for more upside now, finally above 1300 and then even to 1320/1340 area that can be seen at start of this month. Any short-term retracement lower may look for a support at 1283 or near 1270 swing.

GOLD, 4H

Gold 4-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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