Overlaying the USDJPY against the YM futures we can see we have a high correlation, the thing to note is if USDJPY is ending a 5th wave from the Oct 2011 lows then it stands to reason that YM should also be ending a 5 wave move.Thus if both markets are now in a terminal 5th wave we should be very close to completing the cycle from the 2011 lows.
So it seems the more important chart to follow is USDJPY, aka JPY carry trade.
For those that have been in the markets will note that leverage works both ways, and once the leverage component of the markets reverses, nasty things happen.
I want to expand on the last Gold post. lets add Gold to the mix.
It still seem the markets are still linked the USDJPY (aka JPY carry trade). So one could reasonably come to the conclusion that until USDJPY reverses, we are unlikely to see a big reversal in either YM or GC.
Of course its never as easy as it seems, we may see some diveregcnes but there is still a high correlation between YM (US markets) Gold and USDJPY (JPY carry trade).