Elliott wave Analysis: S&P500 and EURUSD Update 

INTRADAY-EURUSD

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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

INTRADAY sp

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.

EURUSD, 1H

INTRADAY-EURUSD

 

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

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By Gregor Horvat

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