USDJPY long idea: UJ correction done?
Updated
It is possible that the Yen and Stock market correction is done!
The impulse wave (12345) drawn would be the ideal sign of trend change.
Of course, it is also possible that we are bouncing in a bigger correction to play out.
But there are plenty of signs that we have bottomed, at least for a this leg.
Lets see how it plays out. I am long a tiny amount now, will add on dips.
Background:
This UJ story starts in early October 2018, with my search for the mythical ''top''
As the down move started, I expected a shallower retrace like this
As the downtrend progressed, I started looking for a ''final leg'' down
Then it seemed we had found a temporary bottom:
But then came the Stock market swoon, so it seemed to need one more leg down yet
Which brings me to the current plan, looking for a clear impulse up off the bottom to signify energy
The impulse wave (12345) drawn would be the ideal sign of trend change.
Of course, it is also possible that we are bouncing in a bigger correction to play out.
But there are plenty of signs that we have bottomed, at least for a this leg.
Lets see how it plays out. I am long a tiny amount now, will add on dips.
Background:
This UJ story starts in early October 2018, with my search for the mythical ''top''
As the down move started, I expected a shallower retrace like this
As the downtrend progressed, I started looking for a ''final leg'' down
Then it seemed we had found a temporary bottom:
But then came the Stock market swoon, so it seemed to need one more leg down yet
Which brings me to the current plan, looking for a clear impulse up off the bottom to signify energy
Note
Long worked well. Just close 1/2 my position Note
Looks for a slight pull back to add to my position again (after closing half as per above). Now watching 113.00 or better yet 112.75 range s3.amazonaws.com/tradingview/snapshots/e/E68ky3nr.png
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