Intra-day Elliott Wave Review For EURUSD and E-mini S&P

The FX market did not move much in the last two sessions, which is not a surprise as price action needs a break after very strong moves following the big FOMC decision on Wednesday. This pause is called a corrective price action, it is a contra-trend movement that is part of larger on-going trend.

In our case we think that this trend is up on USD, down EURUSD. On the count below we called end of a five wave decline yesterday at 1.3160 from where recovery is overlapping and very slow.

Therefore we think it’s a corrective rally that will ideally stop in 1.3260-1.3300 range. We expect a completion of this pattern later today during the US session or on Monday.

EURUSD 1h

E-min S&P500 also found some support a few sessions back after a completed five waves of decline that was confirmed by a recent push through the upper side of an EW channel. Ideally this market is now in (A)-(B)-(C) retracement back to 1610 which is our minimum upside objective; 38.2% Fibonacci retracement. From there traders should be aware of a new sell-off.

S&P Futures 30min

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

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