Elliott Wave Analysis On USD Index And S&P500
USD Index
USD index is trading at new highs, so we are wondering if latest development is going to be one-two, one-two bullish scenario. Notice that leg up from 95.81 is quite sharp so wave three can be considered up to around 99.00 area but after a completed black subwave 2 pullback that can be in the cards for the next few sessions to hit 95.50-96.00 region before uptrend resumes. At the moment we see price at our possible reversal zones, which means we could be facing some higher prices in seasons ahead.
USD Index, 4H
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S&P500
S&P500 is trading nicely higher this month, with a clear impulsive personality away from 1981 area where market completed a big corrective set-back. As such, we will look now much higher on stocks as current rally should be made by five waves. At the moment, we see market trading very slow in the middle of a summer, so we believe it’s just a pause within uptrend. We are looking at wave four now that can be a triangle which should send price to a new high; up into wave 5), possibly even to 2200 region.
S&P500, 4H
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