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Elliott wave Analysis: S&P500 and USDJPY Intra-day View

Good morning traders,

Stocks are coming down a little, but not much, so we see the SP500 in sub-wave four which may see support at the recent swing high, so ideally there is going to be another push higher up to 2960. Only a decline below 2900 May suggests that a temporary top is already in place.

S&P500, 1h

At the same time, we can also see USDJPY coming off the highs as well, but notice that rise from 111.64 to a new high was in three legs, so we see it as a wave B that belongs to a higher degree correction. It can be an irregular flat pattern which means bullish rise is still possible, but maybe after 111.64 support retest.

USDJPY, 1h

Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!