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.