We are currently 1.5 trading days away from our original market top call, but this analysis will cover any new developments. Wave A appeared to have a good 5 wave structure with wave 3 having an extension. Wave B retraced 73% of wave A's movement quicker than expected. Wave C has most likely completed at least the first two waves and possibly as much as 4 waves....
Simple short position taken on JP225 Wednesday. Full breakdown in recap, thoughts behind the trade, why I took it and also my review of the position afterwards.
If the hourly candle closes below the 200 Ma then go for sell
JP225USD is approaching its resistance at 22756 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it could potentially react off, causing price to reverse down to its support at 22391 (38.2% Fibonacci retracement, 61.8% Fibonacci extension, horizontal swing low support). Stochastic (55, 5, 3) is approaching its...