USDJPY correction pattern is completed. Look for BUY setups!
Updated
as u see wave 4 (yellow abc pattern) is completed.
it means corrective downward move is finished, and we back on track to the upside.
So now we should look only for BUY SETUPS.
as yellow wave 3 is an extantion, the final price target for the upside (yellow wave 5) move is 120.9 and should be reached in 4 weeks.
scroll the chart to see the full picture - clear 5 wave structure(yellow).
look for buy opportunities!
Good luck, traders!
it means corrective downward move is finished, and we back on track to the upside.
So now we should look only for BUY SETUPS.
as yellow wave 3 is an extantion, the final price target for the upside (yellow wave 5) move is 120.9 and should be reached in 4 weeks.
scroll the chart to see the full picture - clear 5 wave structure(yellow).
look for buy opportunities!
Good luck, traders!
Trade active
seems to be 1st nice flag on the way up.
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Alternative look on possible wave 2.
buy on breakout.
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sorry, forgot smth
the last 5 wave of lesser degree(green one) should be to complete 5 wave structure of blue 5th wave, that ends a big correction pattern.(yellow one)
then look for buy setups! buy flags!
Trade active
Hi, dear traders.as u see usdjpy goes fine as I predicted earlier.
seems, that usdjpy formed 1st wave(blue one) in a big 5 wave move to 120.5 price target.
if it's true, usdjpy should start a correction pattern(2nd wave), which should correct a big action wave 1(blue one).
I will track this correction pattern. when it complets, I will post an update / new idea. that will be a good buy point!
Keep your eyes on usdjpy!
have a nice day!
PS: I've made 160-245 points on this upside move.
Note
wave 2(blue one) looks like possible zig zag pattern(5-3-5)
it may be a good buy opportunity.
Note
alternative view on possible wave 2(blue one) configuration.it may be a flat 3-3-5 move.
Trade active
ok, wave C is alomost done.
one more swing down, and then buy it! or buy channel breakout.
good luck, traders!
have a nice weekend!
Trade active
looks like wave 2(blue) is completed.
it's clear abc 3-3-5 flat pattern
wave C is 1.618 of wave A (113.68)
wave 2 retraces 61.8% of wave 1(blue) (113.73)
in my book it's a good buy opportunity.
good luck, traders!
Trade active
wave C is actually longer than I expected, but it still does not move beyond the start of wave 1 (112.56).
wave 2(blue) corrects 78% of wave 1 and bottoms in the price range of wave 2 of lesser degree.(green)
wave C channel is broken.
so, re-buy setup is still valid.
Note
Elliott wave theory is been criticized for its flexibility in forecasts, but it's still the best predictive tool.So I want to present you an alternative view on (yellow) C wave configuration, which is a part of ABC pattern that corrects (yellow) 3rd wave (rise from 27/09/2016 to 15/12/2016).
Wave C is always a 5 wave structure(impulse or diagonal), and it was formed on 17 jan, there also were an ending diagonal in 5th wave of lesser degree(last swing), which indicates reversal. looks like a very good ending for wave C(yellow).
this scenario is still in play. invalidation comes, when price goes below 17 jan bottom(112.56).
but there is an alternative, which comes in play, when price goes below 17 jan bottom.
ALTERNATIVE 1: wave 3 is an extention. in this case, we need wave 5 to complete wave C(5 wave structure)
target may be 111.67 (38.2%).
ALTERNATIVE 2: our entire C wave (5 wave structure) is just 1st wave extention of true 5 wave structure for wave C.
Current wave 4 corrects less than 38% of wave 3. it may be not enough.
Trade with care!
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breakout of (5)th wave trend line.
usdjpy looks bullish.
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entire wave 4 structure (ABC 3-3-5 flat - yellow) looks to be completed.
so, wave 5 (up) unfolds
targer is 120
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well!wave C(yellow) structure is finally broken
looks like buy signal.
safe long entry will be after price makes a flag and then breaks it.
good luck!
trade with care!
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