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Elliott wave Analysis: S&P500 and EURNZD Intra-day updates


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Good day traders!

S&P500 made a nice drop yesterday and through the night, which we labeled as final wave five of a higher degree wave A or 1. We can now see price little by little picking up, ideally making a new three-wave rally into corrective wave B or 2, which can search for resistance near the 2640/2650 region and there turn lower.

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S&P500, 1h

snp, 1h

EURNZD can be trading at the end of a three-wave bearish reversal, that started around 1.747 level. We see waves A)/1) and B)/2) completed so so current five-wave decline can be wave C) or if price extends lower wave 3). That said, we see measurement equality of waves 1 and 5 meeting, so maybe price will rally in sessions to come.

EURNZD, 1h

eurnzd, 1h

Disclosure: Please be informed that information we provide is NOT atrading recommendation or investment advice. All our work is for educational purposes only.



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About the author


Grega Horvat

 

 

  • Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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Gregor Horvat
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