US stock market has been moving slightly down on Friday but most likely only for a short-term as correction within larger ongoing uptrend. We still expect S&P500 to move into new all-time highs in the next couple of days, which will be supportive for risk-on currencies, such case EUR, GBP, AUD especially against the Japanese yen.
Below we have German Dax that is in positive correlation with the S&P500. Below we have a clear bullish pattern that suggests more upside in the following days. Ideally wave 2 has already bottomed.
DAX (Mar 2014) 1h Elliott Wave Analysis
S&P500 has moved to new swing high last week week but found resistance at 1845-1850 area where we see a completed five wave move in wave (i). If that's the case the market should make a three wave contra-trend movement. At the moment this is not the case yet so traders must be aware of another leg down in wave c) towards 1790-1820 area to complete a corrective retracement.
S&P500 4h Elliott Wave Analysis
Written by www.ew-forecast.com
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