Elliott wave Analysis: S&P500 and EURUSD Update 


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Elliott wave Analysis: S&P500 and EURUSD Update

S&P500 can be trading at the end of a bigger wave 3 that is part of a downtrend. As we look closely, we can see that price unfolded a five-wave drop within wave 3, which means a temporary reversal can be around the corner. We expect price to turn higher in three-waves for wave 4, that can later look for resistance at the 2684 level, and there turn lower into final wave 5, with projection target of 2630/2635 zone.

S&P500, 1H


EURUSD is trading higher, now approaching 1.2357 level, which can act as a temporary resistance zone for the upcoming correction. This means, once price hits this level, a new minor three-wave pullback can show up on the pair, labeled as wave ii). Wave ii) can later then see support at the 1.2252 level, which can turn price bullish.




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



By Gregor Horvat

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