Bringing the expanded flat variation back into the game has proven decent as the SPX plummeted over 4% since the correction high at 4750 in what looks to be a wave 3. Nearing 4500 increases the probability of it being validated.
Oil prices have registered a fresh 8-year high and could continue to ascend given the extended structure from the low of $62. $94.50 is on the cards now but until then a correction is well expected in the short-term, if not a reversal for a regular flat.
The yen looks strong and it is likely to pressure the #greenback a tad as it prints an impulse wave downwards, resembling a wave C of a flat. The pair remains nearly 2% below its multiyear high of 116 and might add another 2 units on top should bears prevail.
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Daily Elliott Wave Forecast: SPX500, USOIL, USDDJPY (19.01.22)
Bringing the expanded flat variation back into the game has proven decent as the SPX plummeted over 4% since the correction high at 4750 in what looks to be a wave 3. Nearing 4500 increases the probability of it being validated.
Oil prices have registered a fresh 8-year high and could continue to ascend given the extended structure from the low of $62. $94.50 is on the cards now but until then a correction is well expected in the short-term, if not a reversal for a regular flat.
The yen looks strong and it is likely to pressure the #greenback a tad as it prints an impulse wave downwards, resembling a wave C of a flat. The pair remains nearly 2% below its multiyear high of 116 and might add another 2 units on top should bears prevail.
Trade with an award-winning broker! Lowest spreads on the market for Forex, Precious Metals, Energies. No re-quotes, no rejection of orders & instant withdrawals.
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