Elliott Wave Analysis: USDJPY and NASDAQ 100

By: Gregor Horvat | Wed, Mar 22, 2017
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USDJPY

USDJPY is falling sharply, clearly making an impulsive extended wave down from 115.50 which may see losses towards the 110.00 level. In the meantime, we think market can see a corrective wave four which can be around the corner back to 111.50-112.00 region, which would be an ideal zone for a new sell-off, but only if substructure in wave four will show us evidences of a corrective look, thus in three legs.

USDJPY, 1H

USD/JPY 1-Hour Chart


NASDAQ 100

NASDAQ 100 has retraced back to the starting point of an ending diagonal which was expected based on minimum expectations, but so far there is only one leg down from the highs, so we expect more weakness as any contra-trend move should be made by minimum three waves. We see now red wave B in progress of that decline which may find a resistance near 5360.

NASDAQ 100, 1H

NASDAQ100 1-Hour Chart
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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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