![]() |
While Aussie Finishing Correction, Stocks Approaching SupportTop ↑ 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. Happy trading! While Aussie Finishing Correction, Stocks Approaching Support by ew-forecast on TradingView.com Newsletter archive
|
New York time: 00:00:00
Local time: 00:00:00

E-mail: |
HOME
MEMBERS
SERVICE
NEWSLETTER
ELLIOTT SCHOOL
CONTACT
©2010 - 2020 ew-forecast.com
Design: VOBI