Elliott Wave Analysis: S&P500 Intraday View

At the moment we can see that Dax is on the move, while support for E-mini S&P500 may not be far away. At the same time gold & silver are turning south for three legs of set-back so USD can see some gains here. Well, USD strength is already shown against the EUR, while other pairs are lagging a bit, but generally we see USD move coming. However, there is only one USD trade that I would avoid; it's against CAD because of Crude oil which is trading near $50/49 levels where support can be found in the next few sessions. So far AUDNZD longs are still looking good.

Here is S&P500 where price is in wave C, so another leg down can be seen in the near term, but be aware of a bulls which should get stronger, especially once 2250/2255 area is achieved.

S&P500, 1H

s&p500, 1h


By using www.ew-forecast.com website, any services, products, and content contained here, you agree that use of our service is entirely at your own risk. You understand that there is a very high degree of risk involved in trading on the markets. We assume no responsibility or liability for your trading and investment results. The charts, and all articles published on www.ew-forecast.com are provided for informational and educational purposes only!

By using the information and services of www.ew-forecast.com you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you.