Elliott Wave Analysis: USD Index and S&P500
On the updated chart of USD Index, we can see a nice bullish rally taking place, with price now trading in the first wave one of a higher degree impulse. That said, the previous complex correction in wave 4) will be regarded as completed, when we see a decisive breach above the 101.001 level swing. At the moment however, we can already label a five wave upside move from the lows which represents wave one and could be an early indication for stronger prices to follow.
USD Index, 4H
On the S&P500 we have changed our view a little bit. As we can see on the updated chart, we are now looking at a new five wave move to the upside being made, with price specifically trading in black wave 3. If we are on the right track and a bullish continuation will follow, then the S&P500 could aim for the 2331 region in the near-term. That said once wave five completes itself, a reversal may take place.
Find more: Contributing Authors