Elliott Wave predictions: EUR/USD, USD/CAD, and SPX500 [Video]

Juan Maldonado Elliott Wave Street

In our live trading analysis this week, we delve into the potential of EUR/USD, USD/CAD, and SPX500 using Elliott Wave theory. By diving into the world of forex and indices, we equip you with the necessary tools to trade effectively and profitably. First, we apply the Elliott Wave theory to these three financial instruments. Elliott Wave theory, developed by Ralph Nelson Elliott in the 1930s, posits that price movements in financial markets follow predictable patterns, allowing us to make more accurate predictions about their future behavior. Supplementing our analysis, we use Volume Profile, a tool that displays trading volume at different price levels, highlighting areas of greatest and least interest for traders. Next, we analyze the supply and demand in the market for these instruments. By understanding where the market's control points are, we can better anticipate entry and exit zones for our trades. Lastly, we incorporate Price Action techniques into our analysis. These techniques, which rely on the interpretation of price movements, enable us to make more informed trading decisions without relying on external technical indicators. As a result of our live analysis, we provide you with a trading plan that will enable you to seize the opportunities that will present themselves this week.

Author

Juan Maldonado

Elliott Wave Street

Juan Maldonado has a University degree in Finance, and Foreign trade started his trading career in 2008. Since 2010 has been analyzing the markets using Elliott Wave with different strategies to spot high probability trades.

EUR/USD weakens to four-week lows near 1.1750

EUR/USD’s selling pressure is gathering pace now, approaching the area of multi-week troughs in the mid-1.1700s on Thursday. The pair’s intense decline comes on the back of another day of solid gains in the US Dollar, particulalry exacerbated following firm prints from the weekly US labour market.

GBP/USD drops further, hovers around 1.3460

In line with the rest of its risk-linked peers, GBP/USD faces increasing selling pressure and recedes toward the 1.3460 region, or four-week lows, on Thursday. Cable’s persistent pullback comes in response to the continuation of the recovery in the Greenback amid a solid US data and a divided FOMC when it comes to the Fed’s rate path.

Gold clings to daily gains near $5,000

Gold struggles for direction and clings to its daily gains around the key $5,000 mark per troy ounce on Thursday. The precious metal sticks to the bid bias amid reignited geopolitical tensions in the Middle East and despite marked gains in the US Dollar and rising US Treasury yields across the curve.

Ripple slips toward $1.40 despite SG-FORGE tapping protocol for EUR CoinVertible

XRP extends its decline, nearing $1.40 support, as risk appetite fades in the broader market. SG-FORGE’s EUR CoinVertible launches on the XRP Ledger, leveraging the blockchain’s scalability, speed, security, and decentralization.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.