USDJPY: A Bull Trap ?

By SunnyPawar

Updated

Seems like A-B-C correction is still not over.

Day traders can still bet on the upside.

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Note

When I looked at my analysis again, I thought I was missing something, so I analysed again.

And my re-evaluation is that it "may not be a Bull Trap" - contradicting myself or you may say correcting myself. But it's a game of possibilities isn't it?

So here it goes, after further analysis, I realized that the corrective wave A-B-C had already retraced to about 50%. And so, one leg of A-B-C is already over.

So this could be " a beginning of another impulse and not necessarily in to another leg of correction. "

Conclusion: If it subdivides in to only 3 wave sequence then the first possibility would be correct.

If it subdivides in to 5 wave sequence, i.e., impulse , then it is not a bull trap but continuation of an uptrend.

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SunnyPawar

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