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

Gregor Horvat is  based in Slovenia (Central Europe) and has been in Forex market since 2003. He is technical analyst and individual trader who also provide a lot of articles and trade plans based on the Fibonacci and Elliot Wave principle. He was working for Capital Forex Group and TheLFB.com. His feature articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, oil, gold, and the U.S. stock market. Gregor Horvat is also founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). EWP provides a method for identifying price points at which a market is most likely to turn. Knowing the probable swing and reversal points provides confirmation of where investors could enter and exit positions for the highest probability of success. Gregor Horvat Chief  Technical Strategist Website:  For more analysis visit our website and Try our services absolutely free for 7-days! http://www.ew-forecast.com/service//

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