Daily Elliott Waves Forecast: SP500, AUDUSD, COTTON (05.04.22)

5 April 2022 Amega

The SPX500 rose 1% on Monday, printing a low. But it is unlikely to be wave 4 as the impulsive bearish structure from 4630 adds to the downward sentiment. Going into a consolidation would imply we go higher once it is complete.

Aussie soared nearly 2% since the weekly open but its pattern suggests the trend could end soon. As part of an expanded wave C, bulls face serious resistance at 76c. If we break there, the main scenario could be invalid.

Cotton spiked some 3% as well, adding to the support low, and continues to look bullish in the short-term. However, a correction is expected at any time soon as the 5th wave of the 5-wave impulse from $48 nears its end.

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