Elliott Wave Analysis On AUDUSD And SP500

By: Gregor Horvat | Mon, Jun 13, 2016
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AUDUSD

AUDUSD looks very attractive on the short side. We can count 5 waves down from the latest highs and now we believe that price is tracing out an ABC pullback with only wave C left to complete the pattern. This wave C up will face a strong resistance possibly around 0.7430-50 region, where formal wave iv can react as a turning point lower. Maybe some short opportunities can pop up.

AUDUSD, 30Min

AUD/USD 30-Minute Chart


S&P500

S&P500 made a nice recent pullback reaching 38% retracement ratio measured from the highs of red wave ii). This is a typical measurement for the wave iv) pullback and now the only thing missing is the last wave v) to the downside for a completion of a full impulsive cycle. From the region of wave iv) we expect one more push down to 2.075-80 levels to complete the structure in the blue wave a.

Afterwards when blue wave a is finished, we believe a three wave pullback could occure in wave b, ideally reaching the lower corrective channel line from where a new drop into wave c may occure.

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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