Elliott Wave Analysis: EURJPY and SP500

By: Gregor Horvat | Wed, Mar 8, 2017
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EURJPY remains in bullish mode after recently unfolded three wave A)-B)-C) decline that we tracked since the start of the week. This pullback now opens door for much higher prices since pair jumped out of a downward corrective channel and also took out 120.66 wave B) swing point. Normally it means a continuation higher to a new high and probably towards 121.90 short-term Fib. projection.

EURJPY, 1H

EUR/JPY 1-Hour Chart

E-mini S&P500 is turning up, probably steeping into a new corrective a-b-c rally which should be made by three waves. We see index at first resistance now, but it can easily retrace back to 2383 if we consider that waves b and c are still missing.

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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