While Aussie Finishing Correction, Stocks Approaching Support
May 06 2022
Hello traders and investors, today we want to update SP500 and AUDUSD charts, as we see them finishing a correction and approaching strong and important support zone .
As you can see on the left correlation chart between SP500 and AUDUSD pairs, always when Aussie finds the support, we see SP500 stabilization.
Well, if we take a look on the right Aussie chart from Elliott Wave perspective, we can clearly see a corrective movement, ideally a complex (W)-(X)-(Y) decline. We are already tracking final wave (Y), but it has to be finished in three legs A-B-C and as you can see, wave C of (Y) is still missing.
From technical point of view, ideal support for SP500 is here around 4000 level, maybe slightly lower, while Aussie may retest 0.68 support zone before we will see a bullish reversal.
So, if we are on the right path, then stocks might find the support soon, as we see Aussie in final stages of a corrective decline, where final leg may also occur as a spike down like back in March 2020 and January 2019.
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