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 retakes 1.1800 on renewed USD weakness

EUR/USD gains ground after three days of losses, re-attempting 1.1800in the European trading hours on Thursday. The US Dollar sees fresh selling interest across the board, despite hawkish Fed Minutes, as the market mood improves and supports the pair. US Jobless Claims data, Fedspeak and geopolitics remain in focus.

GBP/USD recovers above 1.3500 amid better mood

GBP/USD finds fresh demand and rises back above 1.3500 in the European session on Thursday. Improving risk sentiment and renewed US Dollar weakness are helping the pair recover ground ahead of mid-tier US data releases and Fedspeak.

Gold clings to gains above $5,000 amid safe-haven flows and Fed rate cut bets

Gold sticks to modest intraday gains, above the $5,000 psychological mark, through the first half of the European session, though it lacks bullish conviction amid mixed cues. The third round of US-mediated negotiations between Ukraine and Russia concluded in Geneva on Wednesday without any major breakthrough.

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. The technical outlook suggests further gains if INJ breaks above key resistance.

Hawkish Fed minutes and a market finding its footing

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