Elliott Wave Analysis: S&P500 and AUDUSD 

intraday audusd

Gregor - Author BIO photoElliott Wave Analysis: S&P500 and AUDUSD

S&P500

E-mini S&P500 has reached 2390 area, but it traveled up to that region only with three waves, which is a corrective structure. It looks like a zigzag that can be finished as recent turn down can be treated as a leading diagonal in wave one. As such, more weakness can be seen today, with a new drop below 2369 bearish level.

S&P500, 1H

intraday sp500

 

AUDUSD

Aussie is turning slightly lower from the highs, now trading below the channel support line which can be the first indication of a reversal in trend. However, bearish level is still far away, at 0.7661 where we would love to see a breach before top can be locked in.

AUDUSD, 1H

intraday audusd

 

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By Gregor Horvat

 

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