Elliott Wave Analysis

Elliott Wave Live: Dollar Weakness Supportive For CryptoJul 15, 2024

Hey Traders, hope everyone had a wonderful weekend.

We are seeing pretty stable and calm markets despite an assassination attempt on former president Donald Trump. However, there was some gap to the upside in the direction of the dollar because with this event during the weekend, everyone thinks that Trump can be even closer to potentially winning the presidential elections this year. If Trump does win, it could have an inflationary impact on the market.

As we start the new trading week, we can see that some of those gaps have already been filled, and it looks like the dollar is headed back to the downside, which clearly shows an ongoing bearish impulse ready to resume below the 104 level. Finally, cryptocurrencies are also recovering, and what we see is a potential new bull run in play which can resume even higher, especially if stocks remain sideways or possibly even if the US indexex breaks to new all-time highs.

I like the pattern on the German DAX, which certainly suggests that the bull run is not over yet.

For more detailed analysis, and charts make sure to join me in our webinar, today at 15CET.

Grega

Grega

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