S&P500 looking Towards 2835, While BTCUSD Stuck In A Possible Temporary Correction

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Good day traders!

S&P500 is nicely trading higher, unfolding a clear, impulsive five-wave movement into red sub-wave v) of one higher degree wave five. Upside and resistance for the current recovery can be seen around the 2823/2835 region, where Fibonacci projection targets can project the end of red sub-wave v) of five. There, a new change in course could follow.

S&P500, 30Min

BTCUSD looks to have found a base for higher degree wave 3 near the 9000 region, and sharp reversal that followed away from the mentioned area can be the first part of a corrective wave 4. This wave 4 usually unfolds three sub-waves, before a new push into the direction of the trend comes along. However, the fourth waves can also unfold more complex and take longer in time to develop, than the former wave two. That said, the current rally looks quite sharp, so wave c of 4 might not get such acceleration. Maybe wave 4 will face a turning point and resistance around the 12000/12200 region, where more weakness can start to follow. That said, a breach above the 13395 level would invalidate our count.

BTCUSD, 1h

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About Author

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

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