Elliott wave Analysis: S&P500 and EURJPY Update

Intermediate

Stocks rallied yesterday, which has been technically expected as we see E-mini SP500 futures moving down into fifth wave of decline with a wedge shape. This pattern was broken to the upside, so market is now in a three wave corrective bounce. It’s a temporary recovery that can be slowed down at 2755-2770 area, but after visible a-b-c sub-waves.

E-mini S&P500 1h

intraday sp

If stocks would really see limited upside then something similar can be happening for EURJPY, which appears to be in a more complex recovery, but still corrective. I am observing an A-B-C move back to 129.40/60 area where new sell-off may show up.

EURJPY 1h

intraday eurjpy

Gregor Horvat

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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