Elliott Wave Analysis: S&P500 and AUDUSD
Today some would expect a slow price move as some markets will be closed in US in observance of Thanksgiving Day. However, from my experience over the last few years I know that market was moving quite fast and unexpectedly on days like this, so do not get surprised if we see a continuation higher on dollar and stocks.
S&P500
On E-mini S&P500 price turned up yesterday from 2190/92 area where market might completed wave 4) pullback so higher prices will be expected up to around 2210/15 area. There is also possibility that this is a triangle in wave four, but direction stays the same; looking to a new high while above 2191.
S&P500, 1H
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AUDUSD
Aussie has turned down yesterday from 0.7445 where wave four shows signs of a completed recovery following recent decline beneath the channel support line which can put wave 5 in play for 0.7300 area. Rise back above 0.7444 would put our count in question.
AUDUSD, 1H
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