E S&P500 In The Middle Of Wave 4 Correction Based On Elliott Wave Theory

Today we will talk about stocks, specifically S&P500 and its wave structure from Elliott Wave perspective.

USD is higher across the board after strong US CPI data yesterday, which triggered some risk-off moves as investors assume that the Fed will not be able to watch inflation for too long; sooner or later they will have to fight it. So different policy expectations is a reason for a downturn on stocks.

SP500 futures are making a sharp drop, a clear intraday impulsive reaction that can cause even more weakness as we see the market in wave four pullback. Nice support is at 3950-4000 area. 

SP500, Daily

spdaily

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.