We were looking for a deeper pull-back on stocks futures yesterday, which obviously did not materialize. As such, we need to adjust the count on S&P and go with a flow. an updated chart shows a sharp and extended leg from 1684 which is usually a third leg within a five wave rally. For now recovery from 1680 is not in five legs yet so black wave v is missing. Therefore we think that price will rise further, towards 1715/1720 which could be a long opportunity for intra-day traders/scalpers. But any stop should then be placed around 1695.
S&P Futures 30min
Here is EURAUD revering sharply lower and now testing important support level at 1.4200. Well, corrective wave B rally appears complete so downside potential is huge for wave C. As such, shorts could be interesting, maybe already in coming black wave iv. We will pay a close attention to this market through the rest of the day.
EURAUD Daily, 1h
Written by www.ew-forecast.com
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