S&P500 looking Towards 2835, While BTCUSD Stuck In A Possible Temporary Correction

Good day traders!

S&P500 is nicely trading higher, unfolding a clear, impulsive five-wave movement into red sub-wave v) of one higher degree wave five. Upside and resistance for the current recovery can be seen around the 2823/2835 region, where Fibonacci projection targets can project the end of red sub-wave v) of five. There, a new change in course could follow.

S&P500, 30Min

BTCUSD looks to have found a base for higher degree wave 3 near the 9000 region, and sharp reversal that followed away from the mentioned area can be the first part of a corrective wave 4. This wave 4 usually unfolds three sub-waves, before a new push into the direction of the trend comes along. However, the fourth waves can also unfold more complex and take longer in time to develop, than the former wave two. That said, the current rally looks quite sharp, so wave c of 4 might not get such acceleration. Maybe wave 4 will face a turning point and resistance around the 12000/12200 region, where more weakness can start to follow. That said, a breach above the 13395 level would invalidate our count.

BTCUSD, 1h


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