Elliott Wave Analysis On EURUSD And SP500

By: Gregor Horvat | Wed, Jul 13, 2016
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EURUSD

EURUSD is trading in a sideways price action and is not moving much for the last several days so we think this complex correction may be a triangle, that can be near completion as each sub-wave needed for this pattern is already visible. That said we will be looking for higher levels, as we believe that wave c-circled will continue to the upside, reaching for the 61.8 Fibonacci ratio, before making a reversal lower.

EURUSD, 1H

EUR/USD 1-Hour Chart


S&P500

S&P500 is trading nicely to the upside, reaching new highs as part of a bigger impulsive cycle. As we see on the chart, we think that black wave 3 can now be completed, as price reached the 200 Fibonacci ratio, which could cause a reversal into wave 4. As such we now believe that wave 4 could be already underway and that more wakness can follow, idealy towards the 2130 region, where formal wave iv-circled can act as a support and a turning point higher.

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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