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Elliott Wave Analysis: USDNOK and S&P500 Update

Good day traders! Today, let’s look at USDNOK and S&P500.

USDNOK looks very interesting, as it has a very clear wave structure; bigger three waves up followed by a bearish turn back to the channel support line, so we labeled the leg down from 8.04 as wave one which means weakness may resume soon as sub-wave two already retraced back to 7.9330 resistance.


On stocks we have seen much action lately, but still higher prices on S&P500 and Dax. On E-mini there is an unfolding wedge pattern, known as an Elliott ending diagonal that can be placed in a fifth wave. That’s a very powerful pattern that may cause a strong decline if wave four swings at 2551 is broken.

S&P500, 1H

Gregor Horvat

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!