Elliott wave Analysis: S&P500 and 10 Year US notes Update
Elliott wave Analysis: S&P500 and 10 Year US notes Update
We can see a nice recovery on stocks for the last 24 hours with E-mini S&P500 moving back into 2670/2690 area while DAX recovered almost 300 points after we highlighted a spike low yesterday at 11700. The questions I get is “If bears on stocks are done?”. Well, I looked at correlated markets, 10 year Us note futures in particular and what I see is only a minor consolidation here, against that sharp turn up that occurred last week.
So in my opinion, I think that 10 year US note will make another leg up which means that US stocks can quickly slow down, especially as rise on sp500 futures is in three legs right into 50% Fib level for wave four.
S&P500, 1h
10 Year US Notes, 2h
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