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