Elliott waves for Forex correlation analysis – Trade The US Dollar alongside Gold

For the past three weeks, usd/jpy and been rising relentlessly and is still bullish on both the monthly and weekly charts. The previous week’s candle is a strong bullish continuation candle and will likely push the price towards the 61.8 Fib level and possibly higher. The current downward rally seen on the 4Hour chart is a mere corrective move and should not go beyond the 50.0 Fib level from where we’ll be looking for low risk buy opportunities. Ideally, from the weekly chart set up, we expect a possible bullish wave count towards 123.58 and even higher to 124.00. Expect a exact opposite price action in Gold. Gold and usd/jpy have an exact price action in their monthly charts and will likely move in opposite directions during this month.