Daily Elliott Wave Forecast: SP500, GOLD, USDCAD (16.05.22)

16 May 2022 Amega

The SPX500 index saw a reversal on Friday, will it last or lead to further downside? The 5-wave move is completed but it is not meeting the guideline of wave C being equal to A. Are we in for more bearishness short-term?

GOLD did not have a good week or Friday last week but it received rejection at the bottom of the base channel. Can this lead to a reversal? Given the rest of the price action and structure. It’s more likely to be a short-term correction.

LOONIE has completed its 5-wave upside leg and started to reverse in wave 2. Its structure portrays a decent formation with divergence, so, further downside can be expected in the short-term to the $1.26-$1.28 zone.

Amega

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.

Open account