Elliott Wave Analysis On EURUSD And SP500
As we see on the intraday chart of EURUSD, we can tell that pair will continue lower, as the lower channel line from Feb lows was broken. That said the complex correction of w-x-y is now completed and a five wave drop should continue to unfold, ideally towards 1.0943-1.0902, where some fibo. projection ratios are seen.
S&P500 is trading as expected, now already in a correction in red wave iv) that reached our fibo. projection ratio of 38.2 and could now ideally move to the upside into wave v). As we know, in this case, the fibo. ratio of 38.2 can react as a support and also a reversal. Seeing the bigger picture of EURUSD, pair can recach even 1989 area, before a pullback of a higher degree may occur.
S&P500, 30 Min
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