Elliott Wave Analysis On EURUSD And S&P500

Gregor Horvat

EURUSD is ticking higher today, but on very light volume and with overlapping price action so recovery can be temporary, thus corrective. We are looking at potential double zigzag that can be looking for a new turn down from around upper side of a parallel channel; 1.0930.

EURUSD 30 Minute Chart

EURUSD 30 Minute Chart

S&P500 has turned down at the end of last week so we assume that bulls are not ready to break higher just yet. However, we are still observing a bullish pattern but it’s a triangle it seems, currently with wave (C) trading around the support so price may turn up for a wave (D) towards 2040. Based on incomplete contracting triangle we may have to wait few more days before market will break higher.

S&P500 4 Hour Chart

S&P500 4 Hour Chart

Source: www.ew-forecast.com

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