dojitrader
Short

Some Sort of B Wave Sell Perhaps ?

FX:EURJPY   Euro / Japanese Yen
157 1 0
I don't think there is a B wave Ending Diagonal but, this has the "look".
Anyway this is supremely overlapping price action that is probably the b wave
of an A-B-C Flat correction from the recent highs.
Drilling down this has all the appropriate 3-3-3-3- and with one more thrust up
the final 3rd which = minor a right at the ,886 @ 142.02.
The only way this could take out the highs by much would be if it extends
into an expanded/irregular flat so the risk is very small for a sell @.886.
(Any EW traders have knowledge/experience with the possibility of a B wave ED?)
"The Only Way" ???
There is only 1 way, that I'm aware of, that allows for such an impulsive move to develop out of unmistakably corrective
and overlapping price action. And that would be, in this case, a C wave of an a-b-c of a B wave expanded/might be irregular
flat correction. In a sense this fits the scenario well as expanded flats come at the end of a larger impulsive move
and suck everyone into thinking that the bull/bear market has renewed int's trend, with new highs or lows, when if fact a major correction is about to unfold. Time will tell us.
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