Elliott Wave Analysis: S&P500, NZDJPY and EURJPY

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We have seen a strong drop on stock prices yesterday, which was technically expected due to a shift into wave C of a decline that belongs to big wave four. At the same time metals turned up, and JPY as well, while USD based pairs did not respond much.

Technically speaking we see E-mini S&P500 turning down from 2400 in impulsive fashion, currently trading in wave four so another low may be seen today before the market turns up for a three wave recovery. If stocks will remain under pressure then we can expect XXX/JPY pairs to stay down as well. We are looking at NZDJPY and EURJPY with a nice bearish price action already in progress; NZDJPY for 76.00 and EURJPY for 123 in A).

S&P500, 1H

NZDJPY, 1H

EURJPY, 1H

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About Author

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, 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 www.ew-forecast.com 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!

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