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

Comments on this analysis


Latest News

gbpusd chart
Pound recovery aims GBPUSD for key resistance at 1.2814

A rebound for the GBPUSD Forex rate this week, but the midweek surge has primarily been driven by broad US Dollar weakness. US$ losses have been a reaction to the Fed Meeting on Wednesday (19th June 2019), where the Federal Open Market Committee (FOMC) opened the door to a rate cut, expected in July, with … Continued

nasdaq
Nasdaq Points Up; USDTRY Getting Ready For More Weakness

NASDAQ should remain in uptrend, because we don’t see a completed five-wave cycle yet, so current three-wave decline can be only part of a corrective wave iv that can find support ideally around previous wave iii) swing high and 7600 – 7595 levels and from where may see a continuation higher for wave v of … Continued

audusd
AUDUSD and NZDUSD rebounds question bear trends

Positive comments from US President Trump regarding a likely meeting with the Chinese President Xi Jinping at the G20 Meeting in Osaka, Japan. This sparked hopes of a resumption of trade negotiations, increasing investor risk appetite and sent riskier assets higher, with global stock indices posting firm gains on Tuesday. Furthermore, the “risk currencies”, the … Continued

ftse 100
UK benchmark index, the FTSE 100, aiming higher

Global equity averages have retained their short-term positive outlooks from the strong rallies at the start of June, consolidating these recovery efforts over the past week. The UK benchmark stock average, the FTSE 100 is in similarly positive mode, but also bolstered by Sterling weakness against the US Dollar and Euro (GBOUSD low and EURGBP … Continued


Forex Brokers in your location