Elliott Wave view: S&P 500 is close to start a pullback [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short Term Elliott Wave View in SPX suggests the index has completed a corrective cycle from January 2022 peak. The market bounced from the blue box area at 3807.95 where wave II finished. The rally from 5/22/2022 low looks like it is unfolding as a 5 waves impulse Elliott Wave structure. Up from 5/22/2022 low, wave ((i)) ended at 3982.20 and dips in wave ((ii)) ended at 3875.00. Then wave ((iii)) extended doing a strong rally. Up from wave ((ii)) in lesser degree, wave (i) ended at 3979.97, and pullback in wave (ii) ended at 3931.58. Rally to 4159.40 completed wave (iii). Slightly correction ended wave (iv) at 4116.96 and last push to finish wave (v) of ((iii)) and wave ((iii)) ended at 4167.60.

Next wave ((iv)) pullback dropped to 4073.04 and expect the SP500 to end wave ((v)) soon. Wave ((v)) could end in 4190 – 4227 inverse Fibonacci retracement area. This should complete wave 1 in higher degree. Afterwards, Index should pullback in wave 2 to correct cycle from 5/22/2022 low. Correction should unfold in larger degree 3, 7, or 11 swing before the rally resumes. As far as May 22, 2022 pivot low at 3807.95 holds, expect for more upside.

SPX 30 minutes Elliott Wave chart

SPX Elliott Wave video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD keeps losses near 1.2000 as USD rebound ahead of Fed

EUR/USD is holding sizeable losses near 1.2000 in the European session on Wednesday. The pair retraces from a five-year high amid renewed US Dollar demand. All eyes will be on the US Federal Reserve interest rate decision due later on Wednesday.

GBP/USD stays in red near 1.3800, as focus shifts to Fed verdict

GBP/USD sticks to sizeable losses near 1.3800 in European trading on Wednesday. The US Dollar stages a solid comeback on profit-taking as traders adjust their positions ahead of the key Fed policy announcements. This contributes to the downside in the pair alongside cautious markets.

Gold buying remains unabated amid safe-haven flows; $5,300 in sight ahead of Fed

Gold continues scaling new all-time peaks for the eighth straight day and moves closer to the $5,300 mark during the early part of the European session on Wednesday. Investors continue to take refuge in traditional safe-haven assets on the back of economic and geopolitical uncertainties, fueled by US President Donald Trump's decisions.

Avalanche holds near $12 as spot ETF debuts on Nasdaq lifts bullish sentiment

Avalanche price holds above $12 at the time of writing on Wednesday, after rebounding from the lower boundary of its horizontal parallel channel, signaling early signs of stabilization. The launch of Avalanche spot Exchange Traded Funds by VanEck this week on Nasdaq signals improving market sentiment. In addition, supportive on-chain and derivatives data for AVAX suggest a potential recovery if bullish momentum builds.

Big Tech Earnings: Tesla, Meta, Microsoft, Apple to steer market trajectory

Four companies are set to decide the direction of the stock market this week, with guidance – not headline earnings – likely determining whether the AI rally continues or cracks.

Bitcoin Cash Price Forecast: Retail interest sparks in BCH amid reversal chances

Bitcoin Cash (BCH) is trading around $600 at press time on Wednesday, framing a potential double bottom reversal on the daily chart. The BCH token is witnessing renewed capital inflows into its futures contracts amid a positive funding rate cycle, signaling renewed investor interest.