In 2022, Europe faced a number of challenges that had a significant impact on the region. High energy prices, inflation, and the war in Ukraine all contributed to a difficult economic and political climate. It was predicted that these dark days would continue for longer than expected, but there were a few bright spots amid the gloom.
One of those bright spots was the EWG ETF, which had seen a remarkable turnaround from its low point in October 2022. In fact, as of the end of the year, it was up 47% from that low, which was an impressive feat given the challenges faced by the region. Similarly, the EUR USD had also rebounded, with a 15% increase from its low point in September 2022.
Looking at the Elliott Wave theory, the low point in October 2022 can be seen as the start of a major uptrend wave C. However, it's worth noting that we're currently in the middle of a trend channel, and the momentum in the rate of change is slowing down. This could be an indication that a short-term correction is on the horizon, even if the overall uptrend remains intact.
Despite the challenges faced by Europe in 2022, there were signs of resilience and optimism in the market. While the region's problems were far from over, the impressive performance of the EWG ETF and the EUR USD provided a glimmer of hope for investors and traders. As always, it's important to stay informed and keep an eye on the market to anticipate any potential shifts or corrections that may be on the horizon.
One of those bright spots was the EWG ETF, which had seen a remarkable turnaround from its low point in October 2022. In fact, as of the end of the year, it was up 47% from that low, which was an impressive feat given the challenges faced by the region. Similarly, the EUR USD had also rebounded, with a 15% increase from its low point in September 2022.
Looking at the Elliott Wave theory, the low point in October 2022 can be seen as the start of a major uptrend wave C. However, it's worth noting that we're currently in the middle of a trend channel, and the momentum in the rate of change is slowing down. This could be an indication that a short-term correction is on the horizon, even if the overall uptrend remains intact.
Despite the challenges faced by Europe in 2022, there were signs of resilience and optimism in the market. While the region's problems were far from over, the impressive performance of the EWG ETF and the EUR USD provided a glimmer of hope for investors and traders. As always, it's important to stay informed and keep an eye on the market to anticipate any potential shifts or corrections that may be on the horizon.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.