Elliott Wave Analysis: AUDUSD and SP500

By: Gregor Horvat | Tue, Mar 28, 2017
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AUDUSD

AUDUSD is looking for some support down at 0.7584 to be exact, but after only three waves of decline from 0.7648. We think that was a corrective wave B as part of an irregular correction which means that wave 2) can see higher prices. There is room for 0.7648 resistance to be hit, or maybe even 0.7684 before market may start a new bearish leg.

AUDUSD, 1H

AYD/USD 1-Hour Chart


S&P500

Not much of change on E-mini S&P500 intraday chart, where we still see prices in a three-wave advance. It's a recovery that can extend up to 2358 area after wave b/ii is finished, which is now underway. At the same time, I am looking at the RSI divergence line that may indicate a bounce higher into c/iii wave, once upper channel line is tested.

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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