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The Yen, the USD, and SPX...You have been and will be reading about the plunge in the Yen vs. the USD. YEN is trading near its 1986 levels versus the USD, and today took out its July 2024 prior significant low .Who Cares?We might have to care because the last time this happened-- in July 2024, the Bank of Japan and the Fed intervened to buy YEN against the Dollar (in other words, they sold USDs to buy YEN), which triggered a series of dominoes that negatively impacted the SPX to the tune of an 11% correction in the latter.
[Note: you are reading the first edit. I am starting to get exhausted, so I am putting it out and will work on a round two]In 2021, after an extension in that year’s price structure, I started discussing the likelihood that Bitcoin would put in a major top in the $125K region. The top at $126K and change may seem like I have tapped into a crystal ball. However, to be fair, Elliott Wave analysis gives Bitcoin room for a run to $195K, and as it stands, as long as it holds $54K.
With the market pushing a bit higher today, I have taken off the 1-2, i-ii structure, and instead, have moved to a 1-2 structure in an ending diagonal for the (c) wave, with us still working on the wave 2.The alternative is still the yellow count, for which I have added a resistance box at the .764-1.00 extensions, wherein the c-wave in the yellow (b) would be equal to .765-1.00 the size of the (a) wave.What these two facts suggest is that the next 150 points overhead (as the alternative (b) has the 1.
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