Elliott Wave Analysis: USDCAD and SP500

By: Gregor Horvat | Tue, Mar 21, 2017
Print Email

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

 


Visit our website and Get more charts and forecasts with free access through 14-Day Trial Offer
You can also follow us on twitter @ewforecast
www.ew-forecast.com

 


 

Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

EW-Forecast: To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

Please be informed that information we provide ARE NOT trading recommendation or investment advice. All of our work is for educational purposes only.

Copyright © 2013-2017 Gregor Horvat

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com