Markets did not move much in the last two sessions. The only thing it’s worth to mention are metals that moved sharply higher in the last few sessions, but only in corrective formation as we see on gold. Stocks were also moving up nicely in the past 24 hours and signals for more strength in sessions ahead, while the USD could remain sideways against the majors.
On the S&P 500 futures market we highlighted 5 waves up yesterdays into 1785 resistance level from where prices turned nicely down for a corrective retracement. We see current pullback incomplete, as usually price will retrace for at least 38.2% compared to previous leg. We see nice support on this market coming in at 1770/73 from where uptrend could resume.
S&P Futures (Mar 2014) 1h Elliott Wave Analysis
Gold moved nicely higher yesterday, but rally from latest low has unfolded in three legs and stopped at 1252. Three wave move is a corrective wave structure so bias is bearish for a decline back to 1207/1210 after a channel and 1227 break.
GOLD 1h Elliott Wave Analysis
Written by www.ew-forecast.com