Fridays breakdown is more reminiscent of a 3rd of 3rd wave of an impulse wave. So whilst its below 2695, then I favor further weakness as part of a developing 5 wave decline from the March highs (2801). Barring a strong reversal above 2695, further weakness is favored, although a small bounce is due soon and could come as early as Monday for a small 4th wave of the larger wave [iii].

The debate is still out as to whether a major top is in place at the Jan 2018 highs. All I can suggest is if many US stocks only show a 3 wave decline from their respective 2018 peaks, then it is still a potential bullish setup once this current decline from the March 2018 high is complete. Anything more than a large 3 wave decline from the Jan 2018 high, would be a major warning that something far more bearish is underway and the trend for the Feb 2016 has likely completed.

Sign up here to get updates for the SPX and NDX as well as the ES and NQ  CLICK HERE

Since the last post, it appears to suggest the market has been developing into a possible triangle for wave [iv], whilst its possible to label a low in place for wave [v], the lack of a strong move above 107.28 can still suggest new lows for wave [v] and a thrust below 105.00. So if we were to see a new low it can end a large impulse wave (5 wave decline) from the highs at 114.72 made in Nov 2017.

If it is a triangle, thats a valuable clue as triangle are very commonly seen in the 4th wave position of an impulse wave, so a new low can setup for a bullish reversal.

The bulls need a strong move above 107.28 to support a potential breakout.

Last post : https://www.wavepatterntraders.com/elliott-wave-analysis-of-usdjpy-2/

Sign up here to get updates for this pair and many more pairs  CLICK HERE

Unless we force a truncation at the last swing high, I am still favoring the idea the current set of gyrations are mostly likely part of a large 4th wave of an on-going impulse wave from the 2016 lows. Staying below 99.73 is supportive of seeing more weakness towards 90.00 if a decline is wave [c] of a triangle for wave 4, or if more weakness below the Feb 2018 lows are seen, then it can be counted as wave [c] of a flat pattern to complete wave 4 and setup for a move high for wave 5.

Barring a big move under 82.00, then I will suggest the current move is likely part of wave 4 as shown. Short term looking lower below 99.73 towards 90.00 or 86.50.

Do you have a stock that you want evaluating? Purchase a consultation call and get an independent review through the lens of Elliott Wave. With the US stock markets vibrating around the previous all time highs, it may be prudent to think about protecting any gains you have.

Click here to purchase a consultation call CLICK HERE

Click here to purchase a Elliott Wave report CLICK HERE

Note: If you are a member,  you can email me or send a tweet for an update if you are thinking about trading this stock.

With the new high its now possible to label 5 waves from the 2016 lows, thats important as it can also end a much larger impulse wave (5 wave advance) from the 2010 lows. A strong move below 114.51, then 110.00 is needed to support further downside and suggest a top in place for wave 5 of wave [5]. If you own this stock you may wish to put protective stops at 114.51 to lock in any gains you have.

Once a 5 wave advance has ended, a 3 wave pullback would be expected. A move towards 70.00 is not unreasonable.

Do you have a stock that you want evaluating? Purchase a consultation call and get an independent review through the lens of Elliott Wave. With the US stock markets vibrating around the previous all time highs, it may be prudent to think about protecting any gains you have.

Click here to purchase a consultation call CLICK HERE

Click here to purchase a Elliott Wave report CLICK HERE

Note: If you are a member,  you can email me or send a tweet for an update if you are thinking about trading this stock.

Its no big secret that the USDJPY and Gold have  a decent relationship, as USDJPY moves lower, Gold rallies higher etc. Most traders are aware of that. However you may have noticed there has been a slight disruption to that link and Gold is not following USDJPY much over the last few weeks.

When you look at the 6J Contract (Yen futures contract) and overlay it with the price of Gold it becomes apparent that something has gone astray since the middle of February. I think thats a potential warning for Gold bulls, as the current wave count I am counting on the 6J contract (inverse to USDJPY) is that the recent thrust to the upside is a 5th wave from a 4th wave triangle. So if 6J reverses lower and we see a bid on USDJPY, that could well see Gold get slammed lower.

Note: USDJPY has yet to make a new low, but a new low could be counted as a thrust from a triangle.

A rejection on 6J and a move back below 94.00 likely sees Gold reverse lower. Be careful if you are bullish Gold I think the weakness shown on Gold over the last few weeks, even as 6J has moved higher is a potential negative for Gold.

Above 94.20 on 6J supports further upside, potentially targeting a move towards 95.80 – 97.00.

Sign up here to get updates for Gold, Silver & Crude oil CLICK HERE

Sign up here to get updates for USDJPY and many more pairs  CLICK HERE