USD/PEN S/3.8950; EUR/USD $0.9999; BITCOIN $16801; GOLD $1702.30; USOIL $85.70
EWFORE.NET
US DOLLAR/ PERUVIAN SOL fell below the Fibonacci 61.8% Intermediate 2vs1 today hitting a low of 3.88. The Elliott Wave Structure counts five waves at the 3.6222 2021 low. The rally to the near 4.0007 Oct 2022 high is overlapping and most likely a corrective double zigzag. The drop back down below Fibonacci support turned resistance is cruciccial. I was shocking the see the sol hold up so well against the dollar. It was surprising because the US stock market tanked today.
Below is a chart of CFD Copper Dollar Per Pound. The labeling has Primary wave 2 complete at the 3.115 July 2022 low. A move above the upper channel tredn line run on the rally since the low is key. Once over, a move to the 4.8727 high is expected to breach this time.
However, if price turns down and breaches lower channel trend line then price is most likely dropping below the 3.11 July low too.
Peruvian stock market. The rall from the July 26 has almost reached the 61.8% Fibonacci retracement of the drop from the all time high. Giveh the state of Global market, I do not think the Peruvian Stock market is either. And the Elliott Wave structure down tell the same story . A move down below the 38.2% Fib and we can expect a drop below the 2021 low. let hope its a C wave and not a 3rd wave decline.
Below is a chart of the US SPX500 One of the best leading indicators for measuring negative global sentiment. Right now the benchmark is more than 22% below the Jan 2022 all-time high. This along with the bond market yield curve inverting and running to the upside points to a very dire picture for the US and the globe.
US SPX500 DAILY BAR
2 HOUR BAR
Cryptos continue to plummet. Bitcoin is down 79.6% from its 69000 2021 all-time high. Ethereum is down 76.85% from its 4868 2021 all-time high. There is no doubt that these moves are massive. However, they’re in line with the Elliott Wave structure most like forming.
There is a good chance that Bitcoin is in the the final 5th wave at Minor degree. The 100% Minor Degree 5vs1 is down at the $12292!
Bitcoin Elliott Wave Labeling WEEKLY BAR
BTC/USDT DAILY BAR
10 HOUR BAR