SP500 is turning south from the 2958 level where wave 5) of 3 has finished, and put a corrective wave 4 in play. We see choppy price activity within that pullback, now also reaching an important gap zone from April 1st which may cause a bounce. Also, index has retraced back into the area of a former wave four where current fourth wave of a higher degree may as well slow down. If we are correct then we will see a new shift to the upside soon.
S&P500, 4h
GBPJPY is trading in a simple three-wave, zig-zag correction down from 148.86 level, with leg C of B)/2) now in play. Ideally support for final leg within a wave 2) correction can be seen near the Fibonacci ratio of 38.2 or deeper around the 61.8 (142.63/138.5 region). Also former swing low of wave 2 can offer support for the pair.
GBPJPY, 4h
