• 738 days Will The ECB Continue To Hike Rates?
  • 738 days Forbes: Aramco Remains Largest Company In The Middle East
  • 740 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,140 days Could Crypto Overtake Traditional Investment?
  • 1,145 days Americans Still Quitting Jobs At Record Pace
  • 1,147 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,150 days Is The Dollar Too Strong?
  • 1,150 days Big Tech Disappoints Investors on Earnings Calls
  • 1,151 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,152 days China Is Quietly Trying To Distance Itself From Russia
  • 1,153 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,157 days Crypto Investors Won Big In 2021
  • 1,157 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,158 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,160 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,161 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,164 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,165 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,165 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,167 days Are NFTs About To Take Over Gaming?
The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

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…

  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis: SP500 and GOLD

S&P500

E-mini S&P500 is in bullish mode, clearly in wave 3 which already has five sub waves up from 2281 area so it appears that we may see a short-term set-back, especially if we also consider that index is at some important Fibonacci levels for a third wave protection. As such, be aware of a wave 4 correction which may show up in the next few sessions. But generally speaking, S&P500 remains in uptrend as long as 2294 is untouched, as we know that wave 4 must not trade into a territory of a wave one.

S&P500, 1H

S&P500 1-Hour Chart


GOLD

Gold is moving nicely lower as expected, now at wave A levels so we can be sure that price is in a third leg of decline. We are tracking C leg which should be made by five subwaves, so expect weakness to extend towards 1213 area in sessions ahead where C=A equality level can cause a new bounce this week.

GOLD, 1H

Gold 1-Hour Chart

 


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

 

Back to homepage

Leave a comment

Leave a comment