Elliott Wave Analysis On SP500 And GOLD

By: Gregor Horvat | Mon, May 9, 2016
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S&P500

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

S&P500 30-Minute Chart


GOLD

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.

GOLD, 1H

Gold 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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