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...
S&P nearly complete ABC correction of Wave 1 down, where AB = BC, as a Bearish Gartley at 2071. This would coincide with median line resistance. See the 4 hour chart for clarification.
There's a chance of a Bullish Bat forming on the Aussie. B is exactly at the 38.2% retracement of XA, BUT there is also the possibility of a Wave 4 forming around this level, so watch for a break of the B point, which would signal a greater decline.
