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GOLD and SP500 Intraday - Elliott Wave Analysis

S&P futures did not go far in the last 24 hours, so our view did not change; looking for a reversal down into a three wave retracement for wave B) soon. Notice that we can count five waves up from 2037 while current price is already outside of upward channel so momentum is decreasing, signaling for a turn.

S&P500 (Sep 2015) 1h Elliott Wave Analysis

S&P500 (Sep 2015) 1-Hour Elliott Wave Analysis Chart

Metals are trading lower following solid US CPI, Housing and Building Permits figures. Gold is already at new low of the year but it may not take much time to get beneath 2014 which is at 1131 level. On the Elliott wave count we see sharp leg down from 1145 so it can be wave five of three with wave four bounce to come in sessions ahead up in wave four before price gets even lower, well beneath 1130. Any correction next week could stop around 1145 resistance of a former wave four.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart

 


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