Stock market today: S&P 500 in weekly win as Fed shakeup stokes rate-cut hopes
INTRADAY CHART
September 3rd:
That wasn't too bad an estimate for the Wave [c] / [i] from last week. But, it does look like extending just a bit more to the 61.8% - 76.4% projection in Wave v, right between 82.48-62 ,before we get a correction lower. In line with the expectations in EUR./USD and GBP/USD, and the potential for an expanded flat Wave [ii], I feel this is appropriate here. Though, take care, as the USD/JPY does look firm.
I have provided an idea how this may develop:
RATIO TABLE
September 3rd:
That wasn't too bad an estimate for the Wave [c] / [i] from last week. But, it does look like extending just a bit more to the 61.8% - 76.4% projection in Wave v, right between 82.48-62 ,before we get a correction lower. In line with the expectations in EUR./USD and GBP/USD, and the potential for an expanded flat Wave [ii], I feel this is appropriate here. Though, take care, as the USD/JPY does look firm.
I have provided an idea how this may develop:
- Note the Wave iv low at 81.89 and the Wave [a] high support at 81.72.
- Allow for a 23.6% - 38.2% expansion and should this hold then look for a move back to the support area shown although it could edge below.
- If there is any deeper correction then the span of Wave [b] should most likely hold.
- A break above the 41.4% expansion would risk direct gains in Wave [a] / [iii].
RATIO TABLE
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