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USDJPY and S&P Futures – Both Looking Bearish (Elliott

S&P Futures turned around perfectly from that 1655/1660 resistance area that we highlighted several times in our past updates. Notice that the pull-back from 1636 was in three waves that now appears complete after the current new leg down.

In fact, we also see a head and shoulders pattern that is pointing for a sizeable move to the downside if/when neckline gives way.

S&P Futures 1h

USD JPY Elliott Wave Analysis May 31 2013 S and P outlook for forex

If the S&P count above is correct, then USD/JPY will continue lower because of the positive correlation. The price could fall sharply in such a case, through the 100 figure within wave three. 101.27 is now short-term critical resistance.

USDJPY 1h

USD JPY S and P Elliott Wave Analysis outlook for May 31 2013 forex trading

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!