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Elliott Wave Analysis On AUDUSD And SP500

AUDUSD

Aussie is moving higher, now at a new high of the day so we see price in wave five, final leg of an impulsive wave C that can be looking for a top at 0.7550-0.7600 area. Ideally, pair will turn south in impulsive fashion from there and fall beneath 0.7492 which should put pair back in bearish mode.

AUDUSD, 1H

AUD/USD 1-Hour Chart


S&P500

E-mini S&P500 is in a fourth wave, but seems like we have to deal with a triangle formation after current turn up that looks like a wave D. Triangles are continuations patterns so we think that more gains should follow after wave E pullback. We definitely stay bullish on US stocks, and will look for rally up to to 2180/2190 area in days ahead.

S&P500, 1H

S&P500 1-Hour Chart

 


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