• 11 hours Can Twitter Sway Economic Policy?
  • 14 hours Widespread Power Outages Hit New York City
  • 17 hours Equifax To Pay $700 Million To Settle Data Breach Case
  • 19 hours Netflix Struggles To Rebound After Subscriber Hit
  • 2 days $15,000 For Your Crypto’s Ticket To Visibility
  • 3 days The Next Fashion Frontier
  • 4 days What Is Africa’s Role In The New Silk Road?
  • 4 days Trump Was Right About The Dollar
  • 5 days Is Silver Gearing Up For A Rally?
  • 5 days World’s Largest Hedge Fund Turns Bullish On Gold
  • 5 days It’s Time To Spend More On Clean Energy R&D
  • 5 days Contrarian Investors Are Beating The Stock Market
  • 6 days Bulgaria’s Revenue Agency Falls Victim To Biggest Cyber Heist In History
  • 6 days Amazon Faces European Union Anti-Trust Probe
  • 6 days Commodities Are Having A Stellar Year
  • 6 days Bezos’ Next Big Project Could Be Worth $100 Billion Per Year
  • 7 days 3,600 Years Later, Climate Change Turns Mammoths Into $40M Market
  • 7 days Tesla, Apple Claim China Is Stealing Intellectual Property
  • 7 days EV Giants Duke It Out For Battery Dominance
  • 7 days Tech Billionaire Takes Aim At Google
Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis On SP500 And USDJPY

S&P500

US stocks turned sharply up on Friday, which confirms the fact that bullish price action is still in play as all of the losses that occurred after ECB on Thursday were erased. But despite strong recovery from 2039 we don't think that uptrend will continue straight up to 2120. Based on the latest wave structure, we assume that new minor corrective retracement will occur, which can be wave E of a triangle in wave 4). Ideally this leg will retrace back to 2055/2060 area before uptrend may continue.

S&P500, 1H

S&P 500 Elliott Wave 1-Hour Chart


USDJPY

No change on USDJPY in the last few hours; price is still looking bullish since Friday when market gave us signs of a completed triangle at 122.29. As such, we expect more upside this week, ideally towards 124.50, but we may see a new correction to 123.10 before highs around 123.70 can be finally taken out. However, sooner or later break out from a 160 pip range will occur, while 122.29 support holds.

USDJPY, 30 Min

USDJPY Elliott Wave 30-Minute Chart

 


If you like our trading analysis, you can visit our website at --> www.ew-forecast.com

 

Back to homepage

Leave a comment

Leave a comment