Gold and S&P going in opposite directions – Elliott Wave

Good morning traders! Today we are going to take a look at intra-day charts such as S&P500 and GOLD. 

Let’s begin with stocks:

US stocks turned sharply lower yesterday from 2490 on E-mini S&P500 which was actually our projected triangle measurement level for the fifth wave. Current drop is strong and suggests more weakness ahead, back to 2455 with three waves. As such any rally up to 2470/80 can be only an intraday corrective rise.

S&P500, 1H

As stocks move down, metals move up so it’s not a surprise to see higher prices on gold. Gold, as you know, had a clear corrective look down from the start of August; a complex correction that now appears finished. Broken channel line now suggests more upside ahead.

Gold, 1H

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

Get the 5 most predictable currency pairs[1]

from Forex Crunch http://feedproxy.google.com/~r/ForexCrunch/~3/Lq4l63qL2-g/

from Online Forex Trading Resource
View thesource article here

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