This decline looks corrective

FX:EURJPY   Euro / Japanese Yen
173 4 4
Everyone is getting superbearish on equities and yen-pairs.
It's important not to get carried away.

ATM there is no bullish signs in meintioned markets,
but the decline so far looks corrective in a WXY (or possible WXYZ) formation.
I will look for buy signals near 138.40-136-70 in this pair.
yesterday chould have been the bottom. evening star in the making
Definitely looks like a larger degree 4th wave.
Will you be looking for a selling point *a good 3 waves up *
to harvest some of the pips in wave C
or simply wait until you get a good buy signal ?
Thanks for your thoughts !!!
traderWgun dojitrader
Well, that is the only thing that I'm sure about.
But this price action is hard to interput. The hardest thing in Elliot wave is to know if the movment was in 3 or 5 waves.
Sometimes a move looks impulsive and in 5 waves, but when one zooms in it's acutally in 3 waves. That's why I will look for a clear
buy signal before going long.
I don't think the market will take out the .382fib, cause if it goes down to the .236fib wave 4 would overlap with 1.

Plain and simple, I would like to see more data to confirm which one of the there scenarios below is correct.

1 and 2. suggest that we are in a WXY or WXYZ. The question is if wave X was a flat or a simple 3 wave advance.
The thing about flats is that they make everything more comlplex. We can't know for sure if X was a flat or not
until the low is in place. But I prefer the view that suggest X was a simple correction because
the advance from 0119-0123 looks more like a 3 wave advance (in a flat, wave C most be in 5 waves) than
a 5-wave. But yet again, it can be counted as 5 waves with a sideways wave 4.

3. suggest we had a wave B triangle.

Sorry for the long post. And as always, the best of luck!
ForceFollower traderWgun
A nice study. Thanks for sharing your personal chart studies - it's a missing feature in tradingview.
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