Elliott Wave Analysis On EURUSD And SP500
EURUSD is trading in a sideways price action and is not moving much for the last several days so we think this complex correction may be a triangle, that can be near completion as each sub-wave needed for this pattern is already visible. That said we will be looking for higher levels, as we believe that wave c-circled will continue to the upside, reaching for the 61.8 Fibonacci ratio, before making a reversal lower.
S&P500 is trading nicely to the upside, reaching new highs as part of a bigger impulsive cycle. As we see on the chart, we think that black wave 3 can now be completed, as price reached the 200 Fibonacci ratio, which could cause a reversal into wave 4. As such we now believe that wave 4 could be already underway and that more wakness can follow, idealy towards the 2130 region, where formal wave iv-circled can act as a support and a turning point higher.
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