Elliott wave Analysis: S&P500 and USDTRY Looking Higher

Intermediate

Hi traders,

S&P500 is trading beautifully from the 2786 lows, ideally in a five-wave recovery with wave 3 trading near completion. As we can see sub-wave v of 3 just approached the potential resistance area at 2890 level, where we see measurement of equality of blue waves one and five. That being said, be aware of a temporary a-b-c pullback into wave 4, which can take price towards the 2860/2850 region.

S&P500, 1h

S&P 500 Chart

USDTRY made a nice three-wave a-b-c pullback as expected, so is it ready now for a break higher? If price goes above channel resistance line and 5.66 region, then it may start accelerating towards 6.0 area. Invalidation level remains at 5.30 level.

USDTRY, 1h

USDTRY Chart

Gregor Horvat

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia (Central Europe) and has been active in the Forex market since 2003. He is a technical analyst and individual trader who also provides articles and trade plans ba...continued

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