The SPX remains in consolidation ahead of the CPI release on Thursday, but it’s biased up. Having closed 0.80% higher on the day yesterday, sentiment could improve. However, an intraday drop would be no surprise.
The USOIL started falling at the beginning of this week, down 5% since last Friday’s high at $93.50. Despite looking bearish, another leg up could be drawn as the structure resembles an ending diagonal in the making. Can it hold, or continue its descent?
UK’s FTSE is more clear on its ending diagonal structure, and certainly near its completion. Another leg above 7645 swing high and the pattern will be in – in theory. The index trades more than 1% higher this week so far and is poised to register more gains in anticipation of the diagonal.
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Daily Elliott Wave Forecast: SPX, WTI, FTSE (09.02.22)
The SPX remains in consolidation ahead of the CPI release on Thursday, but it’s biased up. Having closed 0.80% higher on the day yesterday, sentiment could improve. However, an intraday drop would be no surprise.
The USOIL started falling at the beginning of this week, down 5% since last Friday’s high at $93.50. Despite looking bearish, another leg up could be drawn as the structure resembles an ending diagonal in the making. Can it hold, or continue its descent?
UK’s FTSE is more clear on its ending diagonal structure, and certainly near its completion. Another leg above 7645 swing high and the pattern will be in – in theory. The index trades more than 1% higher this week so far and is poised to register more gains in anticipation of the diagonal.
Trade with an award-winning broker! Lowest spreads on the market for Forex, Precious Metals, Energies. No re-quotes, no rejection of orders & instant withdrawals.
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