Elliott Wave Analysis On SP500 And GOLD
E-mini S&P500 has five waves up from the low after we identified an ending diagonal last week that now obviously appears finished at 2030. As such, we can expect more gains after any three wave retracement that can already be in the cards now back to 2040-2045 area where we will look for a new bounce, above 2060 while market trades above 2030 invalidation point.
S&P500, 30 Min
Gold is bearish the last seven days, but for now still only with three waves so decline from 1303 can be temporary. An updated wave count shows that price is now weakening within wave C headed down to around 1263 where we see 100% Fibonacci level that can react as a support. Only bounce from there with five waves back to 1290 would be bullish evidence for a new turn back to the highs.
Are you also wondering where is the S&P500 headed long-term, or GOLD or Forex pairs? We have special updates for active traders. For more details, visit our page at www.ew-forecast.com