Analysis Market overview

Daily Elliott Wave Forecast: EURUSD, SPX500, GOLD (06.01.22)

The EURUSD structure hints at the end of the correction in wave (4) and the initiation of (5). With a 5-wave impulse already printed, any upside is expected to be short-lived.

The SPX spike to all-time highs has recorded what seems to be the third wave of an ending diagonal with a correction expected down to around 4600. If this fails to hold, we might be in a flat correction.

Gold’s rejection at the 62% Fibonacci retracement at $1830 ended the correction in B of triangle wave (E) for now. A break below $1738 could complete wave (4), triggering a massive upside.

Trade with an award-winning STP broker! Lowest spreads on the market for Forex, Precious Metals, Energies, & Crypto. No re-quotes, no rejection of orders & instant withdrawals.

Share this on: