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Elliott Wave Analysis On GOLD And SP500

GOLD

Gold can already be in a corrective set-back it seems after recent push below the wave 4 swing low which looks like a wave A as part of a three wave set-back. We are tracking wave 2) now that can retrace even back to 1220-1225 area where we would expect a bounce later this week. Invalidation level is at 1208; as long this one is in we will look higher.

GOLD, 1H

Gold 1-Hour Chart

S&P500

E-mini S&P500 is trading sharply higher making move from 2018 extended so it can be wave iii as well as part of an impulsive trend. However, we see price at 161.8% Fibonacci extension so we may see some short-term pullback for sure with 3-waves.

S&P500, 1H

S&P500 1-Hour Chart

 


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