traderWgun
Long

This decline looks corrective

FX:EURJPY   Euro Fx/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.
dojitrader
2 years ago
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 !!!
Reply
traderWgun dojitrader
2 years ago
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.

https://www.dropbox.com/s/yxnppbgaohlcvdw/eurjpy.250114-h1.png

3. suggest we had a wave B triangle.

https://www.dropbox.com/s/6bd0yheufap6c2j/eurjpy.250114-h1-alt.png

Sorry for the long post. And as always, the best of luck!
Reply
ForceFollower traderWgun
2 years ago
A nice study. Thanks for sharing your personal chart studies - it's a missing feature in tradingview.
Reply
traderWgun
2 years ago
yesterday chould have been the bottom. evening star in the making
snapshot
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out