Today's drop penetrates deep enough into a support zone to consider the risk to reward ratio of a long position. The long position would be based on the current drop being wave iv and that means a wave v higher may begin soon. This pattern is valid so long as prices are above 121.49.
First target would be 124 and a secondary target up near 125.35.
Below 121.49 is significant and seals the Oct 15 to Nov 18 up move as a 3 wave move and a more significant top is in place.
Keep abreast of real time news in USDJPY.
First target would be 124 and a secondary target up near 125.35.
Below 121.49 is significant and seals the Oct 15 to Nov 18 up move as a 3 wave move and a more significant top is in place.
Keep abreast of real time news in USDJPY.
Note
We broke below 121.49 so the alternate is activated. Blue i, ii, iii now become a,b,c and the Oct 15-Nov 18 move is corrective meaning it likely gets retraced.
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Test your Elliott Wave readiness.
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.