Elliott Wave Analysis: EURUSD and S&P500

We can see some dollar recovery for the last few sessions as stocks found a support yesterday during the US hours as discussed in our past updates. We see EURUSD turning nicely down from our Fib. resistance levels where the pair might have completed a five-wave structure from the 1.0760 region, so a new minimum three wave drop back to 1.0800 gap can be coming. Another reason for an intraday weakness on this pair is a broken hourly trendline that also indicates a complete rise.

EURUSD, 1H

As EURUSD turns south, we see stocks recovering after a five wave drop from 2390 on E-mini S&P500. It’s a structure that suggests a bounce in minimum three waves. For now, we see only one leg up, so more upside is expected to unfold an a-b-c move that may retrace back to 2358.

S&P500, 1H

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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