Quarterly uptrend expired, the rgmov wave count suggests we are at the end of a corrective leg.
The price chart suggests we are completing a terminal pattern with a diametric at the end of C.
According to Glenn Neely's wave count this is a B rally, so the next leg should be a very sharp C wave down!
I'm placing a short based on the time at mode weekly signal, using the monthly chart's range expansion entry, which placed my stop slightly above the weekly downtrend mode.
The advance from the top has been incredibly violent and created a series of ripple effects throughout the global currency, metals and equity markets.
The risk off rally in the Yen and this will be my vehicles of choice to surf the waves in this market.
Good luck if you take this trade!
Posting updated chart this week.
All I know is it's possible to short here with good probabilities of at least hitting 1344, be it a wave A or 1.
I think it's a wave 1, but I'm biased because that would make it an absolutely great setup.
Time at mode tells me the retest of the mode is the sane target to expect.
This indicator from Tim West's Key Hidden Levels pack lets you see price waves clearly, individual bars lack this insight without some right hemisphere engaging:
You took the trade Evan?
This is a potentially long term trade, I'll manage it and add using the daily chart and monthly. Check out Tim West's SP1! publication, posted today.
Some time at mode and fibonacci targets. Time and price look optimal from a neowave perspective from what I can observe with my amateur eyes.
As for time at mode, in a day, if we close below the mode, trend will be down, and if we expand range down during NFP, it'll signal a downtrend aiming for the box #1 targets on chart. (1787-1780.6)
Great lessons from George Soros, check out his book: "Alchemy of finance" (maybe you've already read it and I'm preaching to the choir here).
Personal reccomendation from Tim West, a really great read.
Additionally, check out this combo: