Elliott Wave Analysis On AUDUSD And SP500
AUDUSD looks very attractive on the short side. We can count 5 waves down from the latest highs and now we believe that price is tracing out an ABC pullback with only wave C left to complete the pattern. This wave C up will face a strong resistance possibly around 0.7430-50 region, where formal wave iv can react as a turning point lower. Maybe some short opportunities can pop up.
S&P500 made a nice recent pullback reaching 38% retracement ratio measured from the highs of red wave ii). This is a typical measurement for the wave iv) pullback and now the only thing missing is the last wave v) to the downside for a completion of a full impulsive cycle. From the region of wave iv) we expect one more push down to 2.075-80 levels to complete the structure in the blue wave a.
Afterwards when blue wave a is finished, we believe a three wave pullback could occure in wave b, ideally reaching the lower corrective channel line from where a new drop into wave c may occure.
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