Elliott wave Analysis: S&P500 and GOLD Update for Black Friday

The market did not move much because of Thanksgiving day yesterday, but even today we may experience slow price action because of Black Friday. That said, it may be a perfect time for a new bounce or at least sideways price action on stocks if we consider possible completed five waves of decline from 2746 on E-mini S&P500. There is also a small wedge that suggests rally as well in three waves.

E-mini S&P500 1h

As stocks may see some support, that’s when gold may be headed for a new deeper pullback, so we are looking at an adjusted wave count, currently with price turning south for wave c) of a wave two irregular correction. Interesting support for a bounce is at 1217 followed by 1210 area which can be potential support for a bounce next week.

GOLD 1h

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!

View all posts by Gregor Horvat