Daily Elliott Waves Forecast: SP500, US OIL, USDJPY (02.06.22)

2 June 2022 Amega

The SPX500 is falling, but the move could simply be a correction in wave 4 of (1). If bears push the index below wave 1, things will get more bearish, but until then, wave 5 is coming up next.

WTI oil fell below the internal swing high since yesterday, invalidating the main variation. However, a leading diagonal has formed, and this should offer a short-term dip before continuing up in wave 5.

Yen has stopped at the 78.9% correction of the 131.31-126.43 leg against the dollar, hinting at the end of the correction that usually follows a leading diagonal. Can it hold against bulls, or will the alternative scenario take over?

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