• 2 days The EU Begins Backtracking On China Trade
  • 3 days Americans Are Sick Of Unfair Taxation
  • 5 days No Jab, No Job: The New Hardline Policy of U.S. Employers
  • 8 days What’s Included In Biden’s $6 Trillion Economic Plan?
  • 8 days The “Great Car Comeback” Brightens Oil Demand Outlook
  • 9 days The 3 Most Profitable Covid-19 Vaccine Stocks
  • 11 days Beijing Launches Digital Currency To Break AliPay-WeChat Duopoly
  • 12 days The New Economic World Order After Covid-19
  • 16 days 3 Signals To Watch For A Stock Market Correction
  • 18 days Netflix Earnings Red Alert: Subscriptions Could Underwhelm
  • 19 days Wall Street Banks Are Back
  • 20 days Elon Musk’s SpaceX Scores Big Win Over Jeff Bezos’ Blue Origin
  • 21 days Which Country Is The World’s Largest Investor In Batteries?
  • 22 days Are Bitcoin’s Environmental Risks Overblown?
  • 22 days Why The Gold Rush Ran Out Of Steam
  • 25 days Coinbase IPO Explodes, But Fails To Keep Its Momentum
  • 25 days China Slaps Alibaba With Record $2.75B Antitrust Fine
  • 27 days The Pandemic Has Culled The Middle Class
  • 28 days Legacy Automakers See Massive Spike In Sales
  • 29 days Tesla's Biggest Competitor Is Going Cobalt-Free
Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis: SP500 and USDCAD

ECB did not cause any significant moves on the markets as everyone waits on NFP tomorrow, so actually our view remains the same. We still think that USD can get stronger, especially against commodity currencies which are under pressure because of lower oil and metals. On stocks we have seen some turn in the last few hours, with S&P500 now trading higher into wave c of a flat correction which has room for 2375-2383 area where we will expect a bearish turn.


S&P500, 1H

S&P500 1-Hour Chart

USDCAD is moving higher for the last two weeks, possibly in wave C of a bigger flat correction within downtrend. If that's correct then resistance is not far away as we see price in subwave five now, running out of a fourth wave triangle. However, there is room for 1.3600/1.3620 before market may turn lower, beneath 1.3396, which would be our confirmation point.


USDCAD, 1H

USD/CAD 1-Hour Chart

 


Visit our website and Get more charts and forecasts with free access through 14-Day Trial Offer
You can also follow us on twitter @ewforecast
www.ew-forecast.com

 

Back to homepage

Leave a comment

Leave a comment