Stocks

Emerging Markets Show A Completed Correction Within UptrendNov 6, 2023

Emerging Markets Show A Completed Correction Within Uptrend from technical point of view and from Elliott wave perspective.

Emerging markets chart with ticker EEM has been trading slow and sideways for the last year, mainly because of weak China stocks. But, we have been warning about a corrective a-b-c movement with nice support at 61,8% Fibo. retracement and 36-35 area in the past months.
Check previous articles below:

EEM vs. USD Video Analysis From August 21. CLICK HERE
EEM Free Chart From September 21. CLICK HERE

As you can see today, EEM is bouncing sharply from projected support after a completed a-b-c corrective decline, which means that bulls can be now back in the game and it can be supportive for the stock market across the globe, especially Chinese stocks that can lift commodity currencies such as Aussie (AUDUSD) and Kiwi (NZDUSD) higher.

Emerging Markets Show A Completed Correction Within Uptrend EEM Daily Chart
EEM Daily Chart

One of the main reason why Aussie and Kiwi can be pushed higher along with stocks is also a potential resistance for the USDollar. Now that EEM is bouncing from the support, we can see USDollar – DXY chart turning bearish due to a negative correlation. For a better visibility, how EEM and DXY are correlated, we just inverted the DXY chart.

Emerging Markets Show A Completed Correction Within Uptrend EEM vs. Inverted DXY Daily Chart
EEM vs. Inverted DXY Daily Chart

You can also join us in live webinar today on Monday, Nov 06, 2023, @15.00 CET.

Become a premium member

Get daily Elliott Wave updates for SP500,DAX, GOLD, SILVER, CRUDE, FX, CRYPTO, etc. or apply for unlimited access to the Elliot Wave educational videos.

Register and look inside of our members area

LINKUSD Found Projected Strong Support. Check our blog HERE.

Do you find this interesting? Subscribe to our newsletter and stay up to date.

In our newsletter you will find all the news and macro reports about Forex, Crypto, Commodities and more. Don't miss a thing!

    DISCLAIMER

    Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

    The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

    Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

    By continuing to use the site, you agree to the use of cookies. Learn more.

    The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

    Close