The SPX500 plummeted nearly 3% since Thursday’s CPI release but remains largely ‘flat’. Having bounced at 38% Fibo already intraday, it could be in for a reversal soon as it abides by all flat rules.
Prices of crude oil fell from their daily highs too but closed only where they started, forming a Doji candlestick. With another leg up expected to complete a motive wave, a bullish action can be expected at any time.
NaturalGas on the other hand has plunged nearly 30% since its $5.3 surge at the beginning of February. Regardless, it remains valid for more upside as long as it trades above $3.50. Can it hold the line, or correct deeper?
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Daily Elliott Wave Forecast: SPX500, WTI, GAS (11.02.22)
The SPX500 plummeted nearly 3% since Thursday’s CPI release but remains largely ‘flat’. Having bounced at 38% Fibo already intraday, it could be in for a reversal soon as it abides by all flat rules.
Prices of crude oil fell from their daily highs too but closed only where they started, forming a Doji candlestick. With another leg up expected to complete a motive wave, a bullish action can be expected at any time.
NaturalGas on the other hand has plunged nearly 30% since its $5.3 surge at the beginning of February. Regardless, it remains valid for more upside as long as it trades above $3.50. Can it hold the line, or correct deeper?
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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