Hey traders,
I hope you had a wonderful weekend and are ready for new market actions this week.
We have a very full schedule with rate decisions from the Fed, BOJ, and Bank of England, as well as inflation data from Australia, Europe, and Switzerland.
On Friday, August 2nd, we'll also have the Non-Farm Payroll report, so the markets will definitely be very volatile and could see movement in both directions.
So don't get too excited if you see some sharp moves at the start of the week, as we have plenty of data coming out, meaning that moves can be reversed later on.
From an Elliott Wave perspective, we should be expecting some more dollar strength at the start of this week because we can clearly see ongoing and incomplete a-b-c correction.
More upside is certainly expected up to 104.77, possibly 105.20 area. If this scenario plays out, the S&P 500 will most likely experience more weakness or at least stay sideways.