• 11 hours Solving Transportation’s Biggest Problem
  • 14 hours Big Banks Could Win Big On Fed Small Business Bailout
  • 15 hours Trump Increases Pressure On Venezuela
  • 19 hours Researchers Create Organic Battery
  • 1 day Gold Is Still A Safe Haven, But Not Very Alluring
  • 2 days China Is Buying Up Billions Of Barrels Of Cheap Crude Oil
  • 2 days Are Gold Stocks Going To Bounce Back?
  • 3 days The Politics Of A Pandemic
  • 4 days What Does CHina’s EV Slowdown Mean For The Battery Metals Sector?
  • 4 days COVID Report Cards Will Brand Businesses Forever
  • 5 days Trump Tweet Sends Oil Soaring 25%
  • 5 days Why The Coronavirus Economic Crash Is Worse Than You Think
  • 6 days Is A Global Currency Necessary?
  • 6 days America Has Shed 500,000 Millionaires Since The Coronavirus Lockdown Began
  • 7 days Trump Wants Another $2 Trillion Economic Intervention
  • 7 days The Surprising Businesses Deemed “Essential” During The Coronavirus Lockdown
  • 8 days Priceless Van Gogh "Spring Garden" Painting Stolen
  • 8 days Oil Falls To $20 For First Time In Nearly Two Decades
  • 8 days COVID-19 Could Be The End Of U.S. Coal
  • 8 days How Much Does Your Social Security Number Cost? $4 On The Dark Web
How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Gregor Horvat

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for…

Contact Author

  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis On SP500 And GOLD

S&P500

E-mini S&P500 has five waves up from the low after we identified an ending diagonal last week that now obviously appears finished at 2030. As such, we can expect more gains after any three wave retracement that can already be in the cards now back to 2040-2045 area where we will look for a new bounce, above 2060 while market trades above 2030 invalidation point.

S&P500, 30 Min

S&P500 30-Minute Chart


GOLD

Gold is bearish the last seven days, but for now still only with three waves so decline from 1303 can be temporary. An updated wave count shows that price is now weakening within wave C headed down to around 1263 where we see 100% Fibonacci level that can react as a support. Only bounce from there with five waves back to 1290 would be bullish evidence for a new turn back to the highs.

GOLD, 1H

Gold 1-Hour Chart

 


Are you also wondering where is the S&P500 headed long-term, or GOLD or Forex pairs? We have special updates for active traders. For more details, visit our page at www.ew-forecast.com

 

Back to homepage

Leave a comment

Leave a comment