Analysis Technical analysis

Daily Elliott Wave Forecast: SPX, WTI, GBPUSD (13.01.22)

The SP500 index has recovered more than 50% of its recent losses following a running flat wave C completion down at 4580. Should prices continue to rise the pattern will be validated and lead to new highs.

Meanwhile, OIL prices have found resistance at the right shoulder-line and trade 0.50% lower intraday. If this is indeed a triangle wave (D), WTI will not move past $84 and the current rejection could be a reversal all the way down to ~$70.

On the currency front, CABLE has broken away from the bearish trend now and continues to ascend to complete its 5th wave up. Leading to 1 or A, more upside should follow in the short and medium-term with $1.38 offering a decent pit-stop next.

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