SP500 In A Corrective Phase Ahead Of Jackson Hole

Good morning all.

The markets are slow with stocks stabilized a bit ahead of the Jackson Hole event. The USD bulls also slowed down for a pullback, but technically and fundamentally we do not expect any changes till we get full details and reports from Jackson hole, which will be during the weekend. However, there is still Prelim US GDP and US Cor PCE releases before the Jackon Hole is finished, so this is something that can impact the markets as well since we know that officials are tracking the data very closely.

From an Elliott wave perspective, we see USD in an uptrend, with room for more gains while SP500 can see a deeper pullback into wave 4 to complete an A-B-C structure. Overlap with 3952 will be bearish.