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Elliott Wave Analysis On USDJPY And SP500

USDJPY

USDJPY is making a sharp leg up today from 122.25 so we see decline from 123.75 in three legs, thus a corrective move that is part of a bigger complex pattern. We still like a triangle idea in wave four, so current recovery represents wave d) within a sideways range. 123.20/40 can be seen in sessions ahead from where we will look for wave e) pullback.

USDJPY, 1H

USDJPY 1-Hour Elliott Wave Chart


S&P500

E-mini S&P500 rallied with five waves from 2065 so we stay bullish on stocks after any pullback. Ideally uptrend will resume from around 2080 area, where we see former wave four and 38.2-50% Fibonacci support level. That said, be aware of another leg to the upside, towards 2100.

S&P500, 30 Min

S&P500 30-Minute Elliott Wave Chart

 


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