Daily Elliott Waves Forecast: SP500, GOLD, USDJPY (12.05.22)

12 May 2022 Amega

The SPX500 index is under pressure below the 4k barrier but volumes increasing at the low suggest there is decent support there. WIll it be for a short-term correction or reversal? The former has a higher likelihood to occur due to the length and duration of wave C.

GOLD slid to a fresh 3-month low in a 5-wave fashion, hinting at further downside following a correction. If the correction is completed, a breakout can be expected sooner than later. If not, we might even see a flat forming.

Dollar fluctuates around 130.00 against yen but its structure points equally at both a flat and a triangle. The flat would bring downside in wave C of the pattern, whereas the triangle upside in wave (5). Which one will prevail?

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