Elliott wave Analysis: Stocks like S&P500 and Nasdaq Are Trading Lower And USDJPY is Following the Path
Elliott wave Analysis: Stocks like S&P500 and Nasdaq Are Trading Lower And USDJPY is Following the Path
We have seen a nice turn into dollar weakness after FOMC yesterday despite higher interest rates, so it’s clear that this was already priced in and that actually market sold off as FED will stock to 3 possible hikes this year and not 4 which would be much more positive for the USD.
And as seen so many times before, technical picture of the market was right again; the EURUSD turned sharply higher based on move down on DXY which pulled higher other majors as well while stocks turned lower from resistance. Once stocks turned south USDJPY followed the move and it appears that a new bearish leg is here.
On Stocks we warned about that fifth wave sell-off on both; E-mini S&P500 and NASDAQ100 which are now underway to 2670/2680 and 6780 area.
S&p500, 1H
Nasdaq, 1H
USDJPY is 100 pips lower following that spike up into 106.60 area where we see a completed wave E of 4). Price is testing the lower triangle line and if broken pair can make room for a fall beneath 105.20 and then even into 104.00 area.
USDJPY, 1H
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