E-mini S&P's new high

Elliott Wave Analysis

Gold (COMEX:GCN14)

Gold rallied sharply last week after breaking above 1284. We have seen an extended rally above 1315 so looks like it was wave three of wave (a). Therefore we believe that market will continue even higher in the next couple of trading days after a fourth wave retracement that can be finished now at 1306 so we think that sooner or later market will reached new highs in wave (v) of (a), at 1330/1335 if not even 1340 region.


Gold 4-hour Elliott Wave Analysis


S&P 500 (CME:ESU14)  

The E-mini S&P 500 reached a new high in this week around 1960 from where we have seen a strong reversal in price, through wave (iv) support. A broken swing low suggests that market completed a five wave rally in black wave 5, therefore price could continue much lower in days ahead if we consider the possibility of a three wave set-back in big red wave 4) that could retrace even to 1915/1918 area. Rally to a new high would require adjusted wave count.


S&P 500 4-hour Elliott Wave


Ed Note: Each trading day going forward, traders can listen to live, streaming squawk box commentary on FUTURESmag.com coming directly from the S&P trading pits in Chicago.

About the Author

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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