USD/JPY Diamond Breakout Fib.423.6% (Nikita FX )
When I reconsider about Wolfe Line of USD/JPY, I found that another parallel Wolfe
Channel upper Line could be drawn up.
You will see the latest high (115.59) was on a rejection Daily candle just above the
Wolfe Channel upper Line.
And Going back to 2011 bottom, there was a Diamond Formation which had a Breakout
at 76.52 (by BOJ intervention ).
If you calculate Fib.423.6% projection of the Diamond Formation Breakout:
76.52 + 923 pips x Fib.423.6%=115.62....
It looks like a major correction will be coming soon.
Nikita FX (climbingfx.jugem.jp/ )
Channel upper Line could be drawn up.
You will see the latest high (115.59) was on a rejection Daily candle just above the
Wolfe Channel upper Line.
And Going back to 2011 bottom, there was a Diamond Formation which had a Breakout
at 76.52 (by BOJ intervention ).
If you calculate Fib.423.6% projection of the Diamond Formation Breakout:
76.52 + 923 pips x Fib.423.6%=115.62....
It looks like a major correction will be coming soon.
Nikita FX (climbingfx.jugem.jp/ )
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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.