USDJPY, which as we know is a proxy for the S&P500, is showing a Bearish Gartley Pattern, as well as Pitchfork, Fibonacci and Elliott Wave analysis.
If correct, we are now entering Wave 5 of Wave 1 down, which should take out the pivot at 122.168 and the lower median line. Wave 2 will take us back up and possibly form another Gartley pattern, but will test the lower median line from below.
A safe entry would be to go short at around 123.3 at the top of Wave 2. I will update you further as this trade progresses.
If correct, we are now entering Wave 5 of Wave 1 down, which should take out the pivot at 122.168 and the lower median line. Wave 2 will take us back up and possibly form another Gartley pattern, but will test the lower median line from below.
A safe entry would be to go short at around 123.3 at the top of Wave 2. I will update you further as this trade progresses.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.