Elliott Wave Analysis: S&P500 And USDJPY

Forex Technical Analyst • Dec 30, 2016 at 5:53 AM EST

We have seen a very strong decline on stocks in the last two days, but looking at E-mini S&P500, we should be aware of a corrective pullback. USDJPY has a strong correlation with stocks.

We have seen a very strong decline on stocks in the last two days, but looking at E-mini S&P500, we should be aware of a corrective pullback; a flat that can be finished if we consider five waves down in C. If we are correct, then uptrend may resume soon, back to all-time highs next week. USDJPY has a strong correlation with stocks, which is also pointing higher into wave 5) after three waves down to 116.15

S&P500, 1H

USDJPY, 4H

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