Daily Elliott Waves Forecast: EURUSD, SP500, BABA (24.05.22)

24 May 2022 Amega

Euro continued its ascend against the dollar on Monday, reaching $1.07 and receiving rejection – for now. Its structure hints at a final wave up to complete wave C of (4). Can it get past $1.0750 and surprise us all?

The SPX remained under pressure near recent lows with the price action resembling an ending diagonal as time passes. One more leg down would likely confirm the case where wave C will complete, but only if it prints a false break.

The Alibaba stock has plummeted more than 90% from its record highs, and it looks like more is coming. However, it’s highly unlikely it goes much deeper as it takes the form of an ending diagonal, whether in wave (5) or (C). Which one will prevail?

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