Elliott Wave Analysis: S&P500 Intraday 5/8/2014

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S&P 500 (June 2014) 1h Elliott Wave Analysis |

The USD remains in bearish mode against the most of the currencies with no major changes in the trend as Fed Chair Janet Yellen follows the script without any new surprises. The only small changes we see on USDJPY that is moving higher in corrective retracement supported by gains yesterday on the US stock market.

But on both markets, USDJPY and S&P we see resistance very close. On the S&P we are looking at a triangle now with sub-wave d) in progress that may stop around 1880 level, so ideally prices will turn down into wave e) to 1860 in the next couple of sessions or days.

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.