EURUSD is picking up from the lows, away from the 1.1730 zone, where a potential three-wave corrective move had ended. Current rally can so be an indication that a new bullish continuation is underway. As such we see a five-wave recovery in action, that will in sessions ahead take price above the 1.1870 region. However, if price starts to trade below the former swing low at 1.1752 levelm, then current count will be invalidated.
Some elliott wave tips, when looking at a chart like this one: Here we see price nicely trading higher. If price tends to unfold a five-wave rally, that this can suggest a change in trend is underway. In our case, we expect more gains to follow on EURUSD.
EURUSD, 1H
Now let’s look at the S&P500!
S&P500 is also displaying a bullish development, away from the 2543 level, where a three-wave corrective move had ended. We labeled current impulse up as wave 1, and the following minor correction that may follow as wave 2. A later breach above the 2568 level will indicate a completed wave 2 and wave 3 to be in progress.
S&P500, 1H
