Elliott Wave Analysis On SP500 And EURUSD

By: Gregor Horvat | Tue, Aug 23, 2016
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S&P500

US markets are moving sharply higher at the start of the US session with the E-mini S&P500 futures contract trading at new all time highs. Current price is at 2190 but there is room for 2200 in the short-term while market trades above 2175.

S&P500, 1H

S&P500 1-Hour Chart


EURUSD

I am looking at EURUSD 30min chart and like what I see so far. We have three waves down that completed blue wave four at 1.1270 from where market rallied in five waves so we can expect further upside through 1.1368 and then towards 1.1400 area. If that's the case then current minor retracement from 1.1360 is only a small corrective set-back with limited downside around 1.1315 from where new upward reaction may follow. Thats said 1.1270 is the invalidation level; as long it holds trend is up.

EURUSD, 30Min

EUR/USD 30-Minute 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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