Elliott Wave Analysis: S&P500 and USDJPY

The updated chart of S&P500 is displaying a three wave correction in action, with the price currently trading in wave C. The previous wave B looks to have found a top at the 2449 level, which means the current weakness is wave C/3, that is now already trading near the 2417 region. Ideally we will see even more weakness.

S&P500, 4H

USDJPY is in clear bullish market, away from 108.82 level, where a big correction ended. That said, the current rise above 111.73 region can be red wave i), that can see a limited upside and make a new three wave pullback into the following wave ii). The corrective wave ii) can later search for support around the 111.73 level.

USDJPY, 1H

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!

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