Elliott wave analysis: AUDUSD and S&P500
Elliott wave analysis: AUDUSD and S&P500
AUDUSD is trading in a five-wave rally labeled as wave A. Specifically we see price trading at the end of minor wave iv), that points higher into wave v) with projection target coming in at Fibonacci ratio of 61.8. Once sub-wave v) of A unfolds a new bigger three-wave pullback into wave B) may follow.
AUDUSD, 1H
S&P500 broke out of a triangle correction located in wave iv) and is now trading within minor wave v). Well we see price higher but notice that we are tracking final stages of a higher degree wave iii or c, which means a temporary top may be found and a three-wave reversal below 2594 level can follow. However, before a top gets found we may still see price rally towards the Fibonacci projection zone of 100.0 and 261.8.
S&P500, 1H
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