Elliott Wave View: S&P E-Mini Futures (ES) resumes higher [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Elliott Wave View suggests that since forming the low in March 2020, S&P E-Mini Futures (ES) has rallied in an impulse Elliott Wave structure. Rally to 3959.25 ended wave ((3)) and pullback in wave ((4)) is proposed complete at 3721.55 as a double three structure. Down from wave ((3)), wave (W) ended at 3804.75, rally in wave (X) ended at 3934.50, and decline to 3721.55 ended wave (Y). Index ended wave ((4)) at the 100% – 161.8% Fibonacci extension from wave ((3)) high at 3683.81 – 3779.53 blue box area.

Index has since rallied higher from the blue box area in wave ((5)). However, it still needs to break above wave ((3)) high at 3959.25 to rule out a double correction in wave ((4)). Up from wave ((3)), wave ((i)) ended at 3814.50 and pullback to wave ((ii)) ended at 3728.50. Index then rallied higher again in wave ((iii)) towards 3866.25 and pullback in wave ((iv)) ended at 3796.25. Final leg higher wave ((v)) ended at 3878.75 which also completed wave 1. Near term, while pullback stays above March 5 low (37321.5) in the first degree, expect dips to find support for more upside.

S&P 500 E-Mini Futures (ES) 45 Minutes Elliott Wave Chart

S&P E-Mini Futures (ES) Elliott Wave Video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD treads water around 1.1900

EUR/USD edges a tad lower around the 1.1900 area, coming under mild pressure despite the US Dollar keeps the offered stance on turnaround Tuesday. On the US data front, December Retail Sales fell short of expectations, while the ADP four week average printed at 6.5K.

GBP/USD looks weak near 1.3670

GBP/USD trades on the back foot around the 1.3670 region on Tuesday. Cable’s modest retracement also comes in tandem with the decent decline in the Greenback. Moving forward, the US NFP and CPI data in combination with key UK releases should kee the quid under scrutiny in the next few days.

Gold the battle of wills continues with bulls not ready to give up

Gold comes under marked selling pressure on Tuesday, giving back part of its recent two day advance and threatening to challenge the key $5,000 mark per troy ounce. The yellow metal’s correction follows a better tone in the risk complex, a lower Greenback and shrinking US Treasuty yields.

Bitcoin's downtrend caused by ETF redemptions and AI rotation: Wintermute

Bitcoin's (BTC) fall from grace since the October 10 leverage flush has been spearheaded by sustained ETF outflows and a rotation into the AI narrative, according to Wintermute.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.