Elliott Wave Analysis

Elliott Wave Live: Stocks Step Into A CorrectionJul 22, 2024

A lot is going on…

On Friday we got huge global IT outages. And then over the weekend, we received news that Biden is out of the US presidential elections, so it will be interesting to see how markets react to this political environment during this week. Generally speaking, Biden was not particularly bullish for stocks, so we may see some price stabilization on equities after last week’s risk-off movement. However, any rally that occurs this week is likely to be only a temporary, part of an ongoing deeper correction. Additionally, the Dollar Index is showing a nice reversal from last week’s close, suggesting that we are in the middle of a three-wave recovery.Regarding Cryptos, ETH ETF ready to start trading soon, but “too much of a hype” can cause “unexpected” dips.I talked about latest Elliott wave structures in our webinar. For more detailed analysis and charts, make sure to watch the recordingGregaFor more detailed analysis, and charts make sure to watch the webinar below.

Grega

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