Elliott Wave Analysis on USD index and S&P500

USD Index

USD index dropped last week following a completed three waves of recovery from 93.62 to 95.17. An updated count shows it was wave b-circled as part of a complex correction so with the recent leg down we think that double zigzag has came to an end. Notice that the price traded down to our Fibonacci levels from where we have seen a perfect reaction to the upside. It looks like an impulse that will take the price even higher in sessions and days ahead. From a minimum point of view we think that the market can be headed up to 95.17.

USD Index, 4H

S&P500

E-mini S&P500 has turned nicely lower last week as expected after a break beneath the trend line support connected from the end of February. We see a current decline complex, so ideally market is headed down to around 2025-2033 levels where the former wave four swings low and 23.6% Fibonacci level can turn into a good support. We think that the price will resume its uptrend this month for 2104.

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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