Elliott Wave Analysis On SP500 And GOLD
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.
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.
Are you also wondering where is the S&P500 headed Long-term? We have special updates for active traders. For more details, visit our page at www.ew-forecast.com