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

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