Stocks And Yen Crosses Looking for A Final Rally Higher – Elliott wave analysis


Stocks are back at the highs as expected after we identified the latest retracement as a corrective leg. Ideally, the German DAX and SP500 futures are now in their fifth waves, so we may expect atop this week after those five sub-waves will fully develop in a fifth wave.

S&P500, 1h

As stocks keep progressing higher, we may see more upside on USDJPY as well. There is a fourth wave seen on the hourly chart so a final trust up to 110.30/50 area can be in view before a top is formed. At the same time, we may also expect CADJPY to reach higher resistance at 83.00/83.50.



I really like this one for a possible turn to the south, especially if oil will continue to weaken and when 10 year US note finally turns higher.

Trade well,

The EW-Forecast team

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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 Ew-Forecast, but before that he was working for Capital Forex Group and His feature articles have been published on,, Action forex, Forex TV, Istockanalyst, ForexFactory,,, etc. He recently won the award on 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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