A strong move occur on Friday which must be an impulse, while slow and sideways move in three legs are corrections. Well, we can see a nice pullback from the high which has a corrective look, so it can be wave (iv) as part of an incomplete five wave rally up in wave A/1 that can be targeting 1190. A break above red wave b) high will open door for a new high.
GOLD 30min Elliott Wave Analysis
Markets did not move much in the last couple of hours, but they are in risk-on mode it seems with lower USD and higher stocks. On the E-mini S&P500 we see a sideways price action that looks like a triangle placed in a fourth wave so market could continue to a new high in the next 24 hours and possibly even extend to 2040 while 2020 stays in place.
S&P500 (December 2014) 1h Elliott Wave Analysis
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