Elliott Wave Analysis On SP500 And USDCHF
S&P500 broke out of the fourth wave triangle towards the final wave 5 and is now in attempt to reach lower levels from new highs. We know that after every five wave impluse a three wave correction follows, so now we expect lower levels as in waves A-B and C. Support for this corrective retracement can be around 2071/2075, where previous swings can react as turning points higher.
Invalidation level is at 2040, as long as it hold we are looking to the upside.
On the USDCHF in the last wave C), price reached our projected levels around 0.951 region, from where a new intraday bounce occured. Because we think that last wave C) is an ending diagonal, a powerfull reversal pattern, we believe that price can now reach higher levels. First indicator for higher levels will be breake above the 0.960 mark.
Interested in our services ? We have a Special Offer : Get First 2 Months For The Price Of 1!! Grab the opportunity now at www.ew-forecast.com