Elliott Wave Analyisis On EURUSD and S&P500

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EURUSD

Good morning traders. Stocks are trading higher overnight on the world markets. This week we have NFP on Friday as the most important event. Today during the early morning China manufacturing data came in line with expectations and later today we have ISM manufacturing data in the US. USD is still trading lower but we think this move is limited and are waiting for sings of a reversal. Maybe the NFP on Friday will be the catalyst. On the intraday chart of EURUSD we see that the price is trading higher in the wave c) as we expected. So now we believe black wave E or 2 could be near completion and a new sell-off may occur. That said 1.1028 break will be a sure sign we are heading lower.

EURUSD, 1H

EURUSD 1 (1)

S&P500

S&P500 broke out of the triangle correction overnight as expected. As we know the triangle should be the last consolidation in the fourth wave, before a reversal in the final wave five may occur. Our target for the current wave 5) comes in around 2.185-95 region where some resistance should be found and a possible reversal may occur.

S&P500, 1H

snp 1 (1)

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About Author

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, 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 www.ew-forecast.com 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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