Forex

Elliott Wave Live: After Weak US Data Stocks Are Back In Corrective TerritoryFeb 24, 2025

Good day to everyone!

We saw a strong sell-off in US yields last week, while stocks also pulled back, driven by weak economic data from the US Services PMI, which fell sharply into contraction territory from 52.9 to 49.7. This was a big miss, raising concerns, especially with US CPI inflation still around 3%.

Looking at the Dollar Index, the price action has followed the weakness we warned about in previous updates, now testing the 106 area. However, with stocks being in pullback and breaking some key levels there is a chance that dollar will stabilize. On SP500 I see chance for a triangle or even flat, but in both cases the correction is not finished yet.

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