Elliott Wave Analysis: E-mini S&P500 and GOLD Intraday 5/23/2014


spx intraday

S&P500 (June 2014) 1h Elliott Wave Analysis

Markets are mostly moving sideways, especially the FX market. On stocks there is a different story, we have seen a quite nice recovery on S&P this week, but market can be just in temporary corrective rally as part of a bigger downtrend. We see three waves up from 1858 with five sub-waves in wave (c) so be aware of a bearish moves once/if 1882 swing support is taken out.

Ranged and limited price action is still the case on metals, and it seems that it may stay like this for till early next week. However, we are observing a triangle, now wave e) that is final leg within this pattern, so we suspect that break will occur till the end of May, ideally to the downside. For the short-term swings, we now expect a drop down, close to 1285/87 region.
GOLD 1h Elliott Wave Analysis gold intraday

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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.