US Stocks Are In A Bullish Impulse, But More Gains After A CorrectionJun 19, 2023

Markets have remained relatively stable since Friday, with the USD closing on a strong note as the ECB adopted a more hawkish stance compared to the Fed. The DXY has experienced a significant downward movement, reaching the week’s lows and indicating potential further decline. Consequently, stocks, cryptos, and XXX/USD pairs may continue their recovery mode after a temporary setback. However, please note that today is a holiday in the US, so we might need to wait for a few more sessions before a risk-on sentiment resumes.”

After the expiration of the June contract, the SP500 appears to have completed wave »v« of 3, suggesting the possibility of a corrective a-b-c slow down within the higher degree wave 4 in the new September contract. This correction could potentially retest the support area around 4425 – 4385 before a bullish continuation for wave 5.

US Stocks Are In A Bullish Impulse, But More Gains After A Correction SP500 1H Chart
SP500 1H Chart

NASDAQ100 may have also completed an extended wave »iii«, so with an upcoming higher degree wave »iv« correction, there’s a chance it will retest 14700 – 14250 support zone before a continuation higher for wave »v« of 3.

US Stocks Are In A Bullish Impulse, But More Gains After A Correction NASDAQ100 4H Chart
NASDAQ100 4H Chart

Impulse waves consist of five sub-waves that make a net movement in the same direction as the trend of the next-largest degree. Elliott Wave Theory is a method of technical analysis that looks for recurrent long-term price patterns that are related to persistent changes in investor sentiment and psychology.

US Stocks Are In A Bullish Impulse, But More Gains After A Correction Elliott Wave Basic Impulse
Elliott Wave Basic Impulse

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