Elliott Wave Analysis on AUDUSD and S&P500

AUDUSD

AUDUSD keeps moving higher probably in an impulsive fashion if we consider the strong rally from 0.7107. It also looks like an extended wave which typically occurs in the middle of a five wave move, so we suspect it’s wave 3 of three. At the same time we can see that the price traded close to 261.8% Fibonacci extension level of wave 2 which is very common Fibonacci projected ratio for wave 3. That said, we think that the Aussie can rise even more in the days ahead, but after a pullback which is now underway it seems, possibly back to around 0.7330.

AUDUSD, 4H

E-mini S&P500 is again at the highs, making a progression within wave C)/3) which is an impulsive leg so it has to be made by five waves. At the moment, we see a price in minor pullback so more gains should follow in the sessions ahead. We are looking up to the 2030 area now while 1920 level holds.

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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