Elliott Wave: Stocks and Bitcoin eyeing supports for a rebound [Video]
|I hope you had a wonderful weekend. I was away for the last three days camping here in Slovenia with my son and some friends. We had a great time swimming in a beautiful river — called Kolpa! If you ever get the chance, I definitely recommend visiting this spot.
Now, turning to the markets: we’ve seen a sharp move to the upside on energy prices, driven by the latest escalation in the Middle East as the US has now also joined the conflict by launching attacks on Iran. Naturally, this has triggered concern, and it's no surprise that stocks have slightly pulled back. Still, I’m quite amazed by how well the markets are holding up.
As for the dollar, there’s still a chance we could see further weakness. The fact that there hasn't been a solid recovery despite rising geopolitical tensions suggests that the dollar might still be hunting for resistance, possible for more complex wave 4 while SP500 and Cryptos are in retracement.
For more analysis, check my latest video below.
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.