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
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