Rob.Reynolds
Short

USDJPY: Risk Off, short with target 104

FX:USDJPY   U.S. Dollar / Japanese Yen
Have a great day all
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I am afraid it is a bit too early to sell. C wave should have 5-wave structure, in my view only 1-4 look complete; I would actually prefer to buy if not at the market, but at 107.20 instead. RSI does not support selling idea, same as the wave count.

It looks like from the moment you published forecast for Gold (bottoming at ~1490) you start to have a very bearish view on US market for the immediate term, which seems to me less attractive than your previous forecasts (I really liked your analysis for AMZN which has not yet realized, but I believed it will). I am afraid that excessive bearishness could be influenced by your view on Gold market. Gold has complete 5-wave structure supported by divergence with RSI. Long/Short position ratio is enormous – too much talks in the media about buying Gold and triple-digit price of Silver. This needs to be cleared prior to the next extend, that is why I believe Gold will have to go down to 1,420 level at least, if not to 1360-1380.


S&P500 demonstrates perfect impulse waves and seems completing wave 4, sitting just on top of the bottom line of the trend channel. RSI and stochastic are in favor of buys not selling at this moment.


Looking back to your forecast for Amazon, I would definitely prefer to buy now then sell.


I am afraid your view is missing at least one leg up for the market before a perfect storm to begin.
+2 Reply
Fdz23 Kupitman
@Kupitman, plus wave 3)4 of Amazon. Wave 4 can't touch the top of wave 1.
Reply
@Fdz23, Ending diagonal. See Rob's analysis on AMZN for details.
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I like how you are looking at markets @Rob.Reynolds ...after BoJ held we can comfortably lean on JPY till year-end. In the same trades here, GL
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