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Elliott Wave Analysis On Gold And SP500

GOLD

An intra-day triangle on gold can be near completion, so wave (iv) can send price to new lows very soon. We see room for a fifth wave of decline to 1060 area that can be reached while price trades beneath 1074.

GOLD, 1H

Gold 1-Hour Chart


S&P500

E-mini S&P500 made a nice move up from 1998 to 2063; clearly in five waves called an impulsive wave. That's very important bullish pattern that suggests more upside after any corrective set-back. First three wave set-back is now in play it seems which can reach 2040/2038 before market turns up for a new impulsive reaction towards 2090.

S&P500, 1H

S&P500 1-Hour Chart

 


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