Elliott Wave Analysis: Gold and USDTRY Are Looking Strong!

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Stocks remain in a strong uptrend, but we may see some pullbacks, especially if we consider a 5th wave on S&P500.

The main reason for a potential pullback can be that support on gold, right at the 38,2% Fibo. retracement, previous wave 4 and 1320 support level. In case we get a bounce back above 1330 region, then gold may easily go back to the highs, especially because of an opened GAP above.

GOLD, 1h

Just another day in the office for USDTRY.

As expected, after that three-wave a-b-c corrective decline in wave b), seems like USDTRY is hunting that 5.89 – 5.92 resistance area for wave c) now.

At 5.89 – 5.92 resistance area bulls can stop, and a bearish reversal, below 5.671 low can happen.

USDTRY, 1h

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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 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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