Elliott Wave analysis for indices:
The current Elliott Wave count suggests a bullish setup, specifically wave (iii) of iii) of 3 of (1) of 5) for both the S&P 500 and NASDAQ 100. Recent lower PPI figures are supporting this bullish outlook, and the upcoming CPI figures will be critical in confirming this trend. The recent upward movement aligns well with our long positions, and we anticipate continuing to build on these trades after evaluating the CPI data. Overall, our bullish scenario remains intact and is progressing as expected.
Video chapters:
00:00 SP 500 (SPX)
06:06 NASDAQ (NDX)
10:26 Russell 2000 (RUT) IWM ETF
11:45 DAX 40 (DAX)
14:39 FTSE 100 UKX (UK100)
17:02 S&P/ASX 200 (XJO)
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
GBP/USD consolidates in a range above mid-1.2700s ahead of inflation data from UK and US
The GBP/USD pair ticks lower during the Asian session on Wednesday and moves away from over a two-week high, around the 1.2870-1.2875 region touched the previous day. The downside, however, remains cushioned as traders keenly await the release of the latest consumer inflation figures from the UK and the US.
EUR/USD hovers near 1.1000 ahead of Eurozone GDP, US CPI data
The EUR/USD pair trades on a flat note near 1.0995 during the early European session on Wednesday. Traders prefer to wait on the sidelines ahead of the release of top-tier economic data from the Eurozone and the US.
Gold needs a soft US CPI inflation report to take on the $2,500 level
Gold price is defending the $2,450 psychological level, looking to the one-week high of $2,477 on the US Consumer Price Index inflation day. Gold buyers remain expectant, following a bigger-than-expected cool-off in the Producer Price Index inflation data published a day ago.
Bitcoin retests its key resistance level around $62,000
Bitcoin and Ethereum prices are likely to decline as they near their key resistance levels, whereas Ripple is showing stability around the daily support level of $0.544, indicating the potential for a recovery.
US CPI data set to show inflation abating further in July towards 2% target
The US Consumer Price Index is forecast to rise 2.9% YoY in July, at a softer pace than June’s 3% increase. Annual core CPI inflation is expected to soften to 3.2%. The inflation data could influence the probability of a 50 bps Fed rate cut in September.