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Elliott Wave Analysis On SP500 And EURJPY

S&P500

On the intraday chart of S&P500, we are observing wave v, the final wave of an impulsive structure, which can indicate a contratrend movement, after its completion. As of now, we can see that price made a nice slow reversal, possibly resulting as wave a, the first wave of a minum three wave drop.

Recently broken corrective channel line, could indicate lower levels, and a possible suppert can now be seen around the previos zone of the formal wave iv.

S&P500, 1H

S&P500 1-Hour Chart


EURJPY

On the EURJPY chart, we see current sideways price action as a possible triangle and temporary consolidation before lower levels could be seen. After we break this triangle we expect to trace one more wave to the downside to complete red wave 3 at 120.00-20 levels.

EURJPY, 30 Min

EUR/JPY 30-Minute Chart

 


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