Intra-day Elliott Wave Analysis On EURAUD and S&P Futures

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SPX Elliott Wave Analysis Intraday
SPX Elliott Wave Analysis Intraday

By Elliott Wave Forecast |

We were looking for a deeper pull-back on stocks futures yesterday, which obviously did not materialize. As such, we need to adjust the count on S&P and go with a flow. an updated chart shows a sharp and extended leg from 1684 which is usually a third leg within a five wave rally. For now recovery from 1680 is not in five legs yet so black wave v is missing. Therefore we think that price will rise further, towards 1715/1720 which could be a long opportunity for intra-day traders/scalpers. But any stop should then be placed around 1695.
S&P Futures 30minSPX Elliott Wave Analysis Intraday

SPX Elliott Wave Analysis Intraday

Here is EURAUD revering sharply lower and now testing important support level at 1.4200. Well, corrective wave B rally appears complete so downside potential is huge for wave C. As such, shorts could be interesting, maybe already in coming black wave iv. We will pay a close attention to this market through the rest of the day.
EURAUD Daily, 1h

EURAUD Elliott Wave Analysis
EURAUD Elliott Wave Analysis

Written by www.ew-forecast.com

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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.