USD Could Send S&P500 South

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spx elliott wave

S&P500 1h Elliott Wave Analysis

The USD is on the move since yesterday when the FED said it would reduce its monthly bond purchases by an additional $10 billion to $55 billion. The USD also recovered on hints from Fed Chair Janet Yellen that the bank could begin to raise interest rates sooner than anticipated.

Markets remain in risk-off mode and it seems that bearish moves continue today during the US trading session. S&P is consolidating now so watch for resistance area around 1855/58 figure on June 2014 contract. 1867 remains invalidation level. USD could accelerate if S&P finds sellers.

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.