Elliott Wave Analysis On AUDUSD And SP500

By: Gregor Horvat | Tue, Jul 26, 2016
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AUDUSD

Aussie is moving higher, now at a new high of the day so we see price in wave five, final leg of an impulsive wave C that can be looking for a top at 0.7550-0.7600 area. Ideally, pair will turn south in impulsive fashion from there and fall beneath 0.7492 which should put pair back in bearish mode.

AUDUSD, 1H

AUD/USD 1-Hour Chart


S&P500

E-mini S&P500 is in a fourth wave, but seems like we have to deal with a triangle formation after current turn up that looks like a wave D. Triangles are continuations patterns so we think that more gains should follow after wave E pullback. We definitely stay bullish on US stocks, and will look for rally up to to 2180/2190 area in days ahead.

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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