Elliott wave Analysis: S&P500 and USDJPY Intra-day View

Apr 25,2019 07:38   Source:Forex Crunch

Good morning traders,

Stocks are coming down a little, but not much, so we see the SP500 in sub-wave four which may see support at the recent swing high, so ideally there is going to be another push higher up to 2960. Only a decline below 2900 May suggests that a temporary top is already in place.

S&P500, 1h

At the same time, we can also see USDJPY coming off the highs as well, but notice that rise from 111.64 to a new high was in three legs, so we see it as a wave B that belongs to a higher degree correction. It can be an irregular flat pattern which means bullish rise is still possible, but maybe after 111.64 support retest.

USDJPY, 1h

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