Elliott Wave Analysis For SP500 and USD Index Intraday
US markets will open in around 30mins and looks like the direction will stay the same as last week. We see an impulse in progress heading towards 2030 in this week, especially if we consider a triangle shape in current fourth wave. Only move back beneath 1985 could invalidate the bullish look for the next 48 trading hours.
S&P500 (Dec 2014) 1h Elliott Wave Analysis
The reason why we are bullish on the USD across the board, is obviously also a bullish trend on USD Index. Last week market broke back to yearly highs so ideally new impulsive bullish leg is now in progress which means that latest pullback from the top is most-likely just another corrective wave. We are looking at a red wave iv) that can find a support in sessions ahead around 87.00 area. So sooner or later price can break back to the intraday highs. At the same time, EURUSD can move back to the lows.
USD Index 30min Elliott Wave Analysis
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