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INDICES: Elliott Wave Insights: Key Indices Poised for Movement Ahead of Fed Meeting


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Stock Market Indices Overview: S&P 500, NASDAQ 100, RUSSELL 2000, DAX 40, FTSE 100, ASX 200 - Featuring Elliott Wave Technical Analysis

Our latest analysis focuses on the key global stock market indices, including the S&P 500, NASDAQ 100, RUSSELL 2000, DAX 40, FTSE 100, and ASX 200, through the lens of Elliott Wave Theory. This approach provides insights into market trends, helping traders identify potential setups for both entry and exit points across these major markets.

Elliott Wave Analysis for Major Indices:

As we approach the upcoming Federal Reserve meeting in just six days, all eyes are on the U.S. economy. The upcoming PPI (Producer Price Index) figures represent the final significant economic data point that the Federal Reserve will consider before making its next rate decision. The market's reaction to this data could set the tone for how the major indices move in the short term.

At present, I am analyzing two possible wave counts for the indices:
1. Wave (2) Low in Place: This scenario suggests that the corrective wave has completed, and the market is now poised to rally higher.
2. Wave (2) Not Yet Complete: Alternatively, there is still room for further downside before Wave (2) concludes.

Currently, I lean toward the bullish scenario, as the price action in leading stocks like Amazon (AMZN) and Microsoft (MSFT) suggests underlying strength in the broader market. However, I remain flexible in my outlook, awaiting further confirmation from key market movements and the PPI data to finalize this wave structure.

Video Chapters 
00:00 SP 500 (SPX)
08:17 NASDAQ (NDX)
11:54 Russell 2000 (RUT) IWM ETF
13:03 DAX 40 (DAX)
16:13 FTSE 100 UKX (UK100)
17:23 S&P/ASX 200 (XJO)
22:39 End

Analyst Peter Mathers TradingLounge
Source: tradinglounge com 

 

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    • Ethereum (ETH) has seen some significant price fluctuations lately. With a slight gain of 0.3% at press time, ETH is trading at $2,446. Investors and traders are now focusing on the ETH price prediction as market conditions remain volatile. Let's break down the key factors affecting Ethereum’s price action and what to watch for in the coming days. Recent Price Movements Ethereum’s intraday low was $2,400.51, and its high reached $2,470.91. Recent outflows of $8.19 million from Ethereum ETFs (as of October 8) are adding to the pressure. Whale Alert has reported large ETH dumps to Coinbase, increasing selling pressure. Ethereum’s current market cap stands at $294.32 billion. Facing Resistance Ethereum’s price was rejected at a key resistance level of $2,461 on Monday. This resistance zone aligns with: 50% price retracement at $2,487. The 50-day EMA around $2,546. As of Wednesday, ETH is trading slightly above $2,400 and is again approaching this crucial resistance level. What Happens If Resistance Holds? If Ethereum fails to break the $2,461 resistance, we could see a 12% decline from its current level, possibly retesting the September 6 low of $2,155. The RSI is currently at 46, signaling weakness and a continuation of the downward trend. Potential Upside If ETH breaks through the $2,461 resistance and closes above the 50-day EMA at $2,546, there is potential for further upward movement. In this scenario: ETH could rise to retest its August 25 high of $2,820. Key Support Levels to Watch Should Ethereum fail to clear the resistance and start declining, here are the support levels to monitor: Initial support sits near $2,420. Major support is found at $2,390, which also aligns with the 61.8% Fib retracement level (from the $2,310 swing low to the $2,519 high). A move below $2,390 could push prices toward $2,325. Further losses may send ETH down to $2,240. The next critical support level is at $2,120. Ethereum's price is in a tight spot, with both upside and downside possibilities. A breakout above $2,461 could spark a rally, while failing to break resistance may trigger a decline toward lower support levels. Keep an eye on these key levels as the next few days will be crucial for determining ETH’s price direction
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