Quick Take: USDJPY Could Start A Strong Move Up

FX:USDJPY   U.S. Dollar/Japanese Yen
1150 7 28
By my wave count, the next move could be a wave ( iii             ) impulse wave up. The previous corrective wave 4 may have already finished and the wave ( iii             ) may have already started with the wave (i) already completed and the wave (ii) just about to complete.

You could take this trade with relatively low-risk as the stops would go below where I have the wave (i) beginning as a wave (ii) cannot go below the start of the wave (i) or else the wave count would be wrong. The upside that is possible in this pair is well worth             the risk.

Currently, prices are sitting on the upper TL of a former broken ExD. That TL may be providing support.

Does this kind of analysis help you with your trading? Want more in-depth analysis of markets like this? Just subscribe to my website and you will get in-depth analysis, commentary, intraday updates, access to private chat rooms, REAL-TIME trade recommendations and trade updates and more!

Faceb00k: http://goo.gl/Mb81w7
Website: http://www.efxselect.com to subscribe
Join my Skype chat room! It's FREE (requires registration): Skype link: https://goo.gl/2fwvsa
Documented Trade Log here: http://bit.ly/29AeqnC

Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

THINK before you comment! It takes MUCH work and time to create these posts! So before you decide to criticize me for what I post, or how I choose to post, remember that I don't just throw a chart up with a few lines on it with a few arrows showing 2 possible directions and that's it. I can do those in 5 mins. My charts take MUCH effort and I put much detail into creating them for your benefit. I hope it helps but I also hope it's appreciated!

If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
Comment: Post-BoJ, this pair dropped in a continuation of the corrective move lower forming and now completing this ExD. When it completes the leg E probably around 102, this correction should end. When it does, the next move must be an impulse wave up. That impulse wave up could be a wave (3). Worth waiting for....

Year-to-date Profits: +4277 pips.
Weekly Best Bets Newsletter: http://bit.ly/2rwSaR9
Want results like this? Join us: http://bit.ly/29x4bfM
my thought too, it will go up
thank you for your work but wave 2 never be tringle
that is not a triangle but a diagonal. there is no rule stating that wave 2 cannot be a diagonal much less an expanded diagonal. In fact, Elliott does not even recognize the existence of expanded diagonals. If you read the original Frost & Prechter's "Elliott Wave Principle" carefully, you'll find that there is no mention of any "expanding diagonal" so therefore, there isn't any rules regarding it. The latest update of "Elliott Wave Principle" did make mention of "expanded diagonals" BUT it calls it an "extremely rare" phenomenon. Now we KNOW that is not true and that expanded diagonals DO exist and in fact, occur frequently. For me, I've never called myself an "Elliotician" although I know wave counting very well. A horse is a horse is a horse. So if I see it as an expanded diagonal, then that is what it is. And I count it that way. Expanded diagonals are normally counter trend corrections. So they appear in corrections. Ending expanded diagonals appear in the ending wave 5's of impulse waves or in wave C's. More rare are leading expanding diagonals.

But if that explanation does not suit you, you can just count it as an abc or an wxy or whatever you want to call it. For me, it does not matter what you call it as long as the end result is that the wave count you have puts you in the right side of the trade or keeps you out of the wrong side.
I have this as wave v of (v) of C which targets the 97-95 before a bottom in either the B wave or 2....B is my leaning, either way there's a lot of upside longer term but with the channel at 107-108 holding strong this trend isn't done imo
Quite possible. That is another more bearish count. But I prefer to err on the side of having the higher possibility of catching the next impulse wave. Regardless of the count though, price action will tell me when and where to BUY this. I do agree there is MUCH upside to come!
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder 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 Account and Billing Sign Out