GOLD and S&P500 Elliott Wave Analysis 10/9/2014

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Metals recovered nicely in this week but we must not ignore the larger trend which is still down on daily time frame. As such, we need to understand that on lower, intraday time frames pullbacks are most likely only corrections within ongoing weakness. As such, on gold we are looking for now at a three wave rise from 1182 low, possibly with wave (c) now in final stages, reversing from first 1230 resistance, but equality level is at 1242, so there is a potential for more gains before turning south. However, deep to 1204 would be a bearish evidence.
GOLD 30min Elliott Wave Analysis
GOLD Intraday
USD is slightly up for the last 30mins after US Jobless claims came out 287,000 vs exp 295,00. S&P is also in some downward retracement now after a completed five wave rally from yesterdays low. We expect now a pullback in three sub.waves back to 1936-1950 area before uptrend canb e back in play.
S&P (Dec 2014) 30min Elliott Wave Analysis

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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.