Small Retracement before DROP to complete Wave D (Elliot Waves)
For USDJPY in the Grand Major Time-frame i believe we are currently in a corrective structure after a 5 wave move to the upside. The corrective structure seems to be unfolding as a FLAT Corrective structure(3-3-5 Structure).Therefore my main trend is still on the downside with this pair.However Within the Flat Corrective Structure mentioned we seem to have completed its first LEG A and now in the midst of completing its second LEG B to the upside.
For the medium term, as mentioned above we are currently in the LEG B of the FLAT Structure. This Leg B seems to be the complex one among the 3( There is usually 1 Leg of the 3 thats more complex and complicated then the others). Within that LEG B which is a 3 wave structure i believe we have completed its Minor Leg A and Minor Leg B. What's left at this point is the completion of Minor Leg C to complete the Major Leg B of the Flat Structure.
For the shorter term, as mentioned above we are in the Minor C Leg of Leg B. This Minor Leg C should unfold in a 5 wave move to the upside. What we have at the moment is the completion of Minor Wave 1 and Minor Wave 2. We are currently in the midst of completing Minor Wave 3 which seems to be in a DIAGONAL form. Within that Minor Wave 3 we seem to be completing its Leg D before pushing up again to complete Leg E which would mean the completion of Minor Wave 3. After that we would have a short retracement for Minor Wave 4 before another push up for Minor Wave 5 to complete the Major LEG B of the Major Flat Structure.
For the medium term, as mentioned above we are currently in the LEG B of the FLAT Structure. This Leg B seems to be the complex one among the 3( There is usually 1 Leg of the 3 thats more complex and complicated then the others). Within that LEG B which is a 3 wave structure i believe we have completed its Minor Leg A and Minor Leg B. What's left at this point is the completion of Minor Leg C to complete the Major Leg B of the Flat Structure.
For the shorter term, as mentioned above we are in the Minor C Leg of Leg B. This Minor Leg C should unfold in a 5 wave move to the upside. What we have at the moment is the completion of Minor Wave 1 and Minor Wave 2. We are currently in the midst of completing Minor Wave 3 which seems to be in a DIAGONAL form. Within that Minor Wave 3 we seem to be completing its Leg D before pushing up again to complete Leg E which would mean the completion of Minor Wave 3. After that we would have a short retracement for Minor Wave 4 before another push up for Minor Wave 5 to complete the Major LEG B of the Major Flat Structure.