Elliott Wave Analysis: S&P500 Intraday View

Gregor Horvat Wavetraders

At the moment we can see that Dax is on the move, while support for E-mini S&P500 may not be far away. At the same time gold & silver are turning south for three legs of set-back so USD can see some gains here. Well, USD strength is already shown against the EUR, while other pairs are lagging a bit, but generally we see USD move coming. However, there is only one USD trade that I would avoid; it's against CAD because of Crude oil which is trading near $50/49 levels where support can be found in the next few sessions. So far AUDNZD longs are still looking good.

Here is S&P500 where price is in wave C, so another leg down can be seen in the near term, but be aware of a bulls which should get stronger, especially once 2250/2255 area is achieved.

S&P500, 1H

Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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