Daily Elliott Wave Forecast: EURUSD, GBPUSD, SP500 (06.05.22)

6 May 2022 Amega

Euro plunged against dollar after completing wave 4, which gives bears an opportunity to form a new low. 1.0375 and 1.0214 become major levels now. On the other side, 1.0645 could be the resistance break to offer a bullish reversal.

Pound plummeted to fresh lows near 1.2325, registering a fresh low, contrary to eurodollar. Since its 5th wave is completed, it could turn any time. However, 1.2275 makes a good support. Perhaps it breaks too if 1.2419 remains a resistance.

The SPX500 slid too, likely after completing wave B as a double top with wave (encircled) iv. The previous low is at 4063, but it might break given the impulsiveness of the downside leg. Can we see 4k again?

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