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GOLD and SP500 Intraday: Elliott Wave Analysis

No change for gold; market could continue higher, towards 1200 as current slow move looks corrective, but we would love to see 1170 to stay in place, while former 1178 high should turn into a support. If price will get beneath those figures, then metal could be turning south once again.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart

Stocks did not go far lately, but decline on S&P is still in three legs so we could see a resumption back to the highs soon especially when the trend line resistance gives way. 2050/55 could be seen with the next leg up.

S&P500 (Dec 2014) 1h Elliott Wave Analysis

S&P500 (Dec 2014) 1-Hour Elliott Wave Analysis Chart

 


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