Elliott Wave Analysis: USDCAD and SP500

By: Gregor Horvat | Tue, Mar 21, 2017
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USDCAD

USDCAD broke down from a fourth wave consolidation. We were looking for fifth wave lower as you know, to complete a larger impulsive decline. Well, notice that current bearish leg came out of a triangle, so we know it's a final part of a bigger pattern, which means that market can be now ready to reverse. Technically speaking we expect a recovery in three waves back to 1.3365-1.3400 area from where we will look for a new sell-off, while 1.3535 level is not breached.

USDCAD, 1H

USD/CAD 1-Hour Chart


S&P500

E-mini S&P500 keeps moving lower now with sharp intraday price move following recent break below 2369 bearish level. So far, we can see a nice and extended leg down which can be wave three within a five wave decline that can be headed back to 2345 while market trades below 2382.

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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