Elliott Wave Analysis On USDJPY And S&P500
USDJPY
Good morning traders!
FX market is slow at this time, probably because of FED meting minutes that are schedule for today at 18.00GMT. USD is mixed ahead of event, up against JPY despite lower stocks while buck is down against EUR and GBP.
Because of lower stocks, our focus will be on USDJPY, which can be now in a new corrective pullback. We however will need three waves up in wave four, before we may consider new short ideas.
USDJPY, 1H
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S&P500
Stocks are down, probably with five waves from 2190 so this leg represents first wave of a minimum three wave decline. As such, be aware of more weakness in sessions ahead towards 2167 while 2190 holds.
S&P500, 30Min
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