News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The Federal Reserve rate decision is likely to sway the near-term outlook for the price of gold as the central bank appears to be on track to scale back monetary support. Get your weekly gold forecast from @DavidJSong here:
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here:
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here:
  • RT @FxWestwater: Japanese Yen Forecast: JPY Crosses Eye BoJ, CPI as Haven Flows Bolster Yen Strength Link: https:/…
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • Stocks appear to be in a corrective phase but could get put to the test; levels and lines to watch in the days ahead. Get your weekly equities forecast from @PaulRobinsonFX here:
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Further your forex knowledge and gain insights from our expert analysts on AUD with our free guide, available today:
S&P 500 Patterns Suggest a Correction to Release Buying Pressure

S&P 500 Patterns Suggest a Correction to Release Buying Pressure

Jeremy Wagner, CEWA-M, Head of Education

S&P 500 Elliott wave patterns point to a correction to relieve the recent buying trend. US Dollar Index appears to be bursting higher out of a triangle pattern.

The video above is a recording of a US Opening Bell webinar from March 11, 2019. We focused on the Elliott Wave patterns for key markets such as SP 500, Nasdaq, DXY, EURUSD, NZDUSD, AUDUSD, USDJPY, NZDUSD, AUDUSD, USDZAR, gold, silver and crude oil.

S&p 500 Pivoted at 78% retracement of 2018 down trend

There are three main Elliott wave patterns we are following for S&P 500. The common thread in these patterns is a near term correction to release buying pressure may be on the horizon. If a correction takes hold, the behavior around the 2525-2625 zone will paint the picture for the next potential move.

Though new highs above the October 3, 2018 high cannot be ruled out, the Elliott wave patterns suggest the current up trend may be the ‘b’ wave of a flat or triangle. If so, then if prices break above the October 3 high, we may see a temporary break followed by a correct back down towards the December low. In essence, this up-trend may be a sucker’s wave higher.

Read more…

Difference Between Dow, Nasdaq, and S&P 500

How to Trade S&P 500

SP 500 chart with elliott wave labels.

US Dollar Index pops, but upside may be limited

The US Dollar Index rallied last week. The two favored Elliott wave counts we are following suggest a breakout higher may be temporary followed by a minimal retracement back to the 93 handle.

The favored wave picture we are following is that US Dollar Index finished a ‘b’ wave triangle on February 27. This implies a pop higher in the ‘c’ wave of a zigzag pattern. Though DXY has met the minimum levels of this pop higher, it would be normal for this market to scoot higher to 100-101. However, the 2017 high of 103.82 likely holds so upside appears limited.

If a top is formed from not far above current levels, then we’ll consider a deep correction back down to the 93 handle and possibly into the low 80’s for the latter part of calendar year 2019.

US Dollar Index chart showing elliott wave patterns and limited upside.

Gold price in the middle of a bearish zigzag pattern

In last week’s webinar, we warned of further losses on the horizon for gold and silver. The recent dip in gold prices appears to be wave ‘a’ of a bearish zigzag. That implies wave ‘b’ of the zigzag pops gold prices higher to correct a portion of the February down trend. Once that bounce is exhausted, look for another bearish wave in gold to dig into the mid 1200’s in a final leg of a multi-year triangle. Therefore, gold prices may see 1200-1250 over the coming weeks.

Additional reading…

Top Gold Trading Strategies and Tips

Bitcoin vs Gold: Top Differences Traders Should Know

gold price chart showing a bearish trend using elliott wave labels.

Elliott Wave Theory FAQ

How does Elliott Wave theory work?

Elliott Wave theory is a trading study that identifies the highs and lows of price movements on charts via wave patterns. Traders analyze the waves for 5-wave moves and 3-wave corrections to determine where the market is at within the larger pattern. Additionally, the theory maintains three rules and several guidelines on the depth of the waves related to one another. Therefore, it is common to use Fibonacci with Elliott Wave analysis. We cover these topics in our beginners and advanced Elliott Wave trading guides.

After reviewing the guides above, be sure to follow future Elliott Wave articles to see Elliott Wave Theory in action.

Not sure if Elliott wave is right for you? Believe it or not, when I first started trading I couldn’t understand why technical analysis worked. Now, I’m 100% technical through Elliott wave. Learn more about how Jeremy got started into Elliott wave from his podcast interview on Trading Global Markets Decoded with Tyler Yell.

---Written by Jeremy Wagner, CEWA-M

Jeremy Wagner is a Certified Elliott Wave Analyst with a Master’s designation. Jeremy provides Elliott Wave analysis on key markets as well as Elliott Wave educational resources. Read more of Jeremy’s Elliott Wave reports via his bio page.

Follow Jeremy on Twitter at @JWagnerFXTrader .

Recent Elliott Wave analysis you might be interested in…

WTI Crude oil Reaches a Decision Point on Price Chart

8 scenarios after an Elliott wave impulse pattern completes

Jeremy’s podcast Interview on his progression to being 100% technical through Elliott wave

USD/JPY Technical Analysis: 3 Year Pattern Complete?

USDZAR Has Biggest Monthly Gain Since August – More to Come?

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.