I am currently going through my charts and came across this one here - EURJPY . To be perfectly honest, I am not 100% certain if my idea makes sense and therefore would appreciate input from the community. What do you think? Does it make sense the way I look at it.
The idea behind it is quite obvious. We have seen the lower end of the and are due to test the upper end. This time there's a realistic chance of breaking out of the channel and see new tops. Why? The ( iii ) I have drawn here is a very minimum target - meaning if the ( iii ) hits its minimum target, the (v) will extend and most certainly draw the price ABOVE the channel.
However, this only makes sense if I am looking at it in a correct way.
Let me know what you think and best of luck :)