Elliott Wave Analysis on GOLD and S&P500

GOLD

GOLD is trading impulsively lower, probably making a five wave decline with the price now trading in an unfolding sub-wave 4- circled. This corrective wave 4 may find its resistance and a possible turning point lower around the 23.6 or 38.2 Fibonacci ratio, from where bears may again take over. Invalidation level is at 1269- as long as it holds we are looking lower.

GOLD, 1H

S&P500

E-mini S&P500 recovered sharply after that drop to the 2030 area where the market now shows signs of a completed three wave decline in wave IV, from August highs. Notice that the current leg up is much stronger than the previous decline, so we believe that a bigger uptrend is back in bullish mode, ideally in wave V that will be looking to hit a new all-time high. In the short-term however, be aware of a corrective set-back; ideally with wave B back to that broken channel that can become a good support next week.

S&P500, 4H

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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