S&P500 made a three-wave drop from the 3024 area which we labelled as a temporary A-B-C move; it's a corrective move so more upside can be seen. In fact, the intraday chart show an impulsive personality on a smaller time frame so more upside will be expected after any minor set-back. To get a full perspective, please check out video below.
Gold has been trading lower for the last week or so, in-line with 10 year US notes- market that has room for more weakness within A-B-C decline, so it wont be a surprise to see metals going down as well. Check video below for more information, plus USDCHF..
the S&P500 is in a bear market rally (a pause within downtrend), which can be unfolding a flat correction within a higher degree wave B). Resistance for sub-wave C of B) can be around the 78.6% Fib. retracement (2970/3000 zone), from where bears may resume its downtrend. Also at the mentioned region, sub-waves A and C can be equal in length in time and price, so keep an eye on that potential reversal zone tomorrow at the start of the European session. However, what is always very important regarding trading and analysis is to wait on a confirming price action; only a later turn in impulsive fashion back below 2900 would suggest a completed corrective rise.
Based on past data on USD Index since 2015, we can assume that August will be another bearish month for the currency. In fact, there is also an Ellliott Wave formation that suggests the same... Question for some of you is, if this is positive for bitcoin? I think yes...
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