Possible Elliott Triangle on USDJPY
Updated
Our potential 5 wave structure still holds. We could be in a 4th wave triangle breaking after hitting E.
A risky trade is to wait for E and a reversal to go short to 110.555
Less risky trade is to wait for triangle break after reversal at E, wait for a downwards formation and short to same target 110.555
A risky trade is to wait for E and a reversal to go short to 110.555
Less risky trade is to wait for triangle break after reversal at E, wait for a downwards formation and short to same target 110.555
Note
We broke the triangle a bit before than it was expected. Might have been because it was such a complex formation. We did in fact break down and now are looking at something that looks like a flag but I'm not convinced it's signaling a continuation of the move up since we are still missing a decent impulse 5th wave and the trend given by waves 1 and 3 is down. We need to break support to continue down.
Trade closed: stop reached
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