Elliott Wave Analysis and Forecast (Daily Update) Forex, Gold, Crude Oil

[ew-forecast]

Elliott Wave Forecast for USD Index: Wave Four Pull-back Appears Complete

USD-index reversed lower yesterday and is now again testing that very important 83.30-83.50 support zone. As such,w e adjusted the wave coutn and now looking still for a red wave 4) in progress which is becoming more and more complex, but its still corrective contra-trend movement. As such, we will not give up on bullish case, and will again look for a new break higher if we get an impulsive rally from current levels.

 

[ew-forecast]

Elliott Wave Forecast For USDJPY and S&P Futures-Both Looking Bearish

S&P Futures turned around perfectly from that 1655/1660 resistance area that we highlighted it several times in our past updates. Notice that pull-back from 1636 was in three waves that now appear complete after current new leg down. In fact, we also see a head and shoulders pattern that is pointing for a sizeable move to the downside if/when neckline gives way.
S&P Futures 1h

If S&P count above is correct, then USDJPY will continue lower because of positive correlation. Price could fall sharply in such case, through 100 figure within wave three. 101.27 is now short-term critical resistance.
USDJPY 1h