Elliott Waves On Dax and SP500
Hey every.
We see stocks are in uptrend with SP500 index already trading at new highs while DAX is lagging a bit, but it shows room for more gains after recently completed Elliott wave correction. Interestingly, Dollar is also still strong, but if stocks will keep pushing higher then even dollar will sooner or later, give up.
Looking at the SP500, the index is breaking to new highs so it appears that recent pullback to 4700 is completed, and ideally it's wave (4) of a bullish sequence as shown on 4h time frame. So looking at the whole pattern from November 2023 lows, it looks like an impulse, now in late stages wiht subwave (5), but still this leg has room for 5k area while lower trendline support of an impulse channel holds.
Grega
On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
