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USDCAD And SP500 Elliott Wave Analysis

Stock-Markets / Financial Markets 2016 Feb 22, 2016 - 03:00 PM GMT

By: Gregor_Horvat

Stock-Markets

USDCAD

On USDCAD we are looking at declining price action from 1.4018 that can be an expanding diagonal, now moving down into the final stages of decline. We see wave 5 of C) headed beneath 1.3650 and even towards 1.3600 area, where pair can be looking to form a low this week.

USDCAD, 1H


USDCAD 1-Hour Chart

S&P500

E-mini S&P500 keeps moving up, so we adjusted the wave count which is still an impulse from the low, but now with wave v-circled in progress up to 382.% projection level of wave three measured from end of wave four. At the same time we also see a divergence on the RSI, which is very common between waves three and five that indicates a coming turning point. That said, we still think that sooner or later new set-back will occur in minimum three waves.

S&P500, 1H

S&P500 1-Hour Chart

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Ew-forecast.com is providing advanced technical analysis for the financial markets (Forex, Gold, Oil & S&P) with method called Elliott Wave Principle. We help traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our view and bias as simple as possible with educational goal, because knowledge itself is power.

Gregor is based in Slovenia and has been in Forex market since 2003. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets; from candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful to traders.

He was working for Capital Forex Group and TheLFB.com. His featured articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, gold, oil, and some major US indices.

© 2016 Copyright Gregor Horvat - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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