Daily Elliott Wave Forecast: NASDAQ, WTI, GBPUSD (17.05.22)

17 May 2022 Amega

NASDAQ stopped at a Fibonacci cluster and reversed after forming a 5-wave leg downward. Can this turn into a full-blown reversal or only a short-term correction?

OIL completed the flat pattern expected and started to move higher in its 3rd wave. Without breaking the base channel, however, it could easily turn into a double three, albeit unlikely.

The British pound has likely completed its 5th wave in (3) and corrects in (4) unless the 5th turns into an ending diagonal instead. According to guidelines, a double four could be seen.


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