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Gregor Horvat

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for…

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Elliott Wave Analysis: USDJPY and NASDAQ 100

USDJPY

USDJPY is falling sharply, clearly making an impulsive extended wave down from 115.50 which may see losses towards the 110.00 level. In the meantime, we think market can see a corrective wave four which can be around the corner back to 111.50-112.00 region, which would be an ideal zone for a new sell-off, but only if substructure in wave four will show us evidences of a corrective look, thus in three legs.

USDJPY, 1H

USD/JPY 1-Hour Chart


NASDAQ 100

NASDAQ 100 has retraced back to the starting point of an ending diagonal which was expected based on minimum expectations, but so far there is only one leg down from the highs, so we expect more weakness as any contra-trend move should be made by minimum three waves. We see now red wave B in progress of that decline which may find a resistance near 5360.

NASDAQ 100, 1H

NASDAQ100 1-Hour Chart
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