Daily Elliott Wave Forecast: SP500, USDJPY, NATGAS (01.03.22)

1 March 2022 Amega

The SPX500 nears a critical junction as it runs up to the 50% Fibonacci at 4464. 7% above its swing low at 4100, it seems to be in an impulsive course to all-time highs, but it needs to continue to trade at least above 4378 in the short term. Will it first correct following a rejection at the base channel top?

Dollar vs. the yen structure is looking upward biased and with volumes confirming, hinting at the completion of the anticipated triangle in wave (4). However, the downside from the swing high of 116.35 coming down on increased volumes somewhat contradicts the pattern. Can it continue its ascend?

NaturalGas is 12% below its recent swing high below $5 and could continue to descend. The correction is theoretically in, but judging by the length of the initial leg (a) downward, we might be in for more downside in the short term. Once down with bears, prices could soar once again.

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