Elliott Wave Analysis: SP500 and USD Index

By: Gregor Horvat | Fri, Feb 3, 2017
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S&P500

On the hourly chart of S&P500, we can see a higher degree three wave correction unfolding with price currently trading in wave C). We believe some resistance may be in the cards for the S&P500 around the 50.0 or 61.8 Fibonacci ratio, where even previous mid swings of wave 2 and 4 can act as turning points lower.

A five wave drop from current levels would be a confirmation for a change in trend, from bullish to bearish.

S&P500, 1H

S&P500 1-Hour Chart


SILVER

On the 30min chart of SILVER, we are looking at a nice eight wave cycle unfolding, with price specifically trading in the second portion of this wave cycle, in corrective wave B. We know that after every five waves, a contra trend reaction follows, and in our case this reaction can find its base and a bullish turning point around the previous wave 2 swing at the 17.05 level. At the moment however price may still reach for higher levels within wave B, before making a drop into final wave C.

SILVER, 30Min

Silver 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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