Elliott Wave Analysis On S&P500 And AUDUSD
Elliott Wave Analysis On S&P500 And AUDUSD
S&P500
Stocks are higher across the board, with E-mini S&P500 breaking to a new all-time high while DAX is still somehow consolidating. However, we think that DAX can join the trend as well, if we consider that S&P500 has room for more gains. We are looking up to 2220/50 area in the near-term within current wave C up from 2148 which should be made by five waves before market may turn south. Only close beneath 2179 would be first sign of a top in place.
S&P500, 1H
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AUDUSD
Aussie is up nearly 100pips in the last 24 hours, but because of aggressive sell-off last week we think that current bounce can be just another correction within downtrend. Ideally that’s wave 4 which is now at resistance area of a former wave four, near channel line and 38.2% Fib level that may help to cause a new leg down in sessions ahead.
AUDUSD, 1H
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