yeah, some very weird ending.. Unless we shoot for another top in SPX, within a few days, and get to new tops in USDJPY. The problem with my earlier idea (ending diagonal) has faded because now the channel in ED would diverge, which is hardly possible.
I honestly have no idea how to label this thing at the end. I guess I will just wait for some corrective structure appear on the way in JPY, and then will enter short.
I've been thinking last night about JPY :)
Here's a thought: the advance is incomplete.
I don't know if it will correspond to the upward correction of SPX or SPX will make another high, but we need one more upward pulse on MACD in order to have the complete an beautiful picture:
(one of) the reasons I think we will go up is because the wave structure for Crude is also incomplete. Crude can't go up without SPX, so there will be an upward zigzag in Crude, an upward correction or impulse in SPX, and some ascending action in JPY - all finishing up by end Aug.
here's my view on Crude. I try to estimate time to completion by mirroring the duration of the completed subwaves into the future, it very often works. Crude also is set for completion of its upward action end August:
I think we are most likely near priced in for a very moderate rate hike. I would assume further gains in the DX are likely but moderate at best. If in fact an S&P500 reversal is in progress, money will likely roll over into the Yen and Gold. I believe the Yen is starting a solid 3 year trek uphill and that the negative US Dollar/Yen and negative S&P500/Yen correlation will continue over the next 3 years.