S&P500 is making a final push lower on the hourly chart, away from 2742 swing high, where corrective wave 4 found its top. That said, current drop can be final wave 5, which can see possible support and a turn higher into a three-wave pullback near the 2675-2666 region. Once sub-wave 5 of 1) fully shows up, the mentioned correction can again test the former swing high at 2742 level.
S&P500, 1H
USDJPY recently breached below the 105.615 swing low of wave D, which can be a confirmation that bigger correction within wave 4) is completed, and that more weakness can follow on the pair. As such we believe price may unfold a new five-wave drop into wave 5), ideally towards the 104.20-103.60 region. That said, more weakness on stocks can also mean more weakness on xxx/jpy pairs.
USDJPY, 1H
