CFD Trading Report S&P500 Elliott Wave US dollar is lower across the board after a gap on Sunday against all FX major currencies. The S&P Futures also gaped higher for around 20 points from 1153 Friday close on news that IMF is preparing a EUR 600bln loan for Italy in case the country’s debt crisis worsens. We however warned on you already on Friday about potentially US dollar weakness when the S&P500 (cash market) moved into a wave three support zone. On the updated S&P Futures chart we can see that wave (iv) is now in process, which means that downside remains in play for this market, while prices trade below 1217 on a “daily close basis”. So once the S&P Futures will find a resistance in wave (iv) and will move lower into a wave (v), US dollar will continue higher! However, be patient for, cause thats still not the case!
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Eur/Usd 1 Hour Chart Wednesday, 25 April 2012 at 5:58:00PM AEST We reworked the wave count on euro from 1.2995 low, after extended rally from 1.3100 towards 1.3226 highs. We are now observing a possible triangle pattern in wave b) which may still test 1.3150 support before wave c) breaks into new high.
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