• 2 hours Gold Miners Eye Big Third Quarter Profits
  • 8 hours The U.S. Doubles Down On Domestic Lithium Production
  • 1 day Reddit Trader Scores 14,000% Returns On Rogue Trade
  • 2 days The Tangled Web Stretching From Turkey To DC
  • 2 days The U.S. Dollar Eyes Greater Upside
  • 2 days More And More Americans Believe A Recession Is Looming
  • 2 days Is The Pot Stock Boom Over Already?
  • 3 days How The California Utility Crisis Could Have Been Avoided
  • 3 days The Ugly Truth About Investing In Private Equity Deals
  • 4 days The World Is Facing A $1 Trillion Food Waste Crisis
  • 4 days Is It Time To Buy The Dip In Gold?
  • 4 days The History Of Oil Markets
  • 5 days Three Stocks To Watch Ahead Of Earnings Season
  • 5 days Markets Flat As Bulls And Bears Battle It Out
  • 5 days The Mining Industry Still Has a Human Rights Problem
  • 6 days 5 Billionaires Booted From Their Own Companies
  • 6 days Can Toyota's Hydrogen Car Take On Tesla?
  • 7 days Why Universal Basic Income Won't Work
  • 8 days Is This The Real Golden State?
  • 8 days Blockchain Firm Pushes For Ethical Mining
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

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: SP500 and USD Index

S&P500

On the hourly chart of S&P500, we can see a higher degree three wave correction unfolding with price currently trading in wave C). We believe some resistance may be in the cards for the S&P500 around the 50.0 or 61.8 Fibonacci ratio, where even previous mid swings of wave 2 and 4 can act as turning points lower.

A five wave drop from current levels would be a confirmation for a change in trend, from bullish to bearish.

S&P500, 1H

S&P500 1-Hour Chart


SILVER

On the 30min chart of SILVER, we are looking at a nice eight wave cycle unfolding, with price specifically trading in the second portion of this wave cycle, in corrective wave B. We know that after every five waves, a contra trend reaction follows, and in our case this reaction can find its base and a bullish turning point around the previous wave 2 swing at the 17.05 level. At the moment however price may still reach for higher levels within wave B, before making a drop into final wave C.

SILVER, 30Min

Silver 30-Minute Chart

 


Visit our website and Get more charts and forecasts with free access through 14-Day Trial Offer à http://ew-forecast.com/
You can also follow us on twitter @ewforecast

 

Back to homepage

Leave a comment

Leave a comment