In the 1 hour chart: -The price moved to Fibonacci 0.618 to form a wave 1 -The wave 1 retraces back to Fib. 0.786 to give us the wave 2 formation -The price rallied to Fib. 0(which is price 112.086) to form the wave 3. - The price move sideways to form an extended fourth wave(wave 4); which finds support at Fib. 0.786.
Just as wave 2 gave us a sharp movement we expected wave 4 to give us a sideways movement which it did. We expecting price to go bullishly to complete the last impulse wave ( wave 5 )
You can also visit my page for a previous analysis on the USDJPY on a 15min. time-frame for more insight.
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Heading For the Crown..
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3/15/2019: Ahh... Hello traders... we about ending the week in a bullish shot... Hope you all made some nice profit from this trade. We like you all to stick around for the next analysis on this pair.
So you not think the USD will get weaker this week after bad NFP results on Friday and the weakening US economy?
Billion_Pips
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@Apex_Managed_Capital, Actually base on technical view; but we should also pay attention to changes. I don^t actually like trading the news.
Billion_Pips
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@Captain_Walker we also saw wave 4 took support at price 110.024
ApexFX_Pro
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@GideonChibuike, I hope you make some money on it 👌
Billion_Pips
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@Apex_Managed_Capital, But apart from the NPF result what fundamental do you think will drive it low
ApexFX_Pro
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@GideonChibuike, The state the US economy is in, weak stock markets, unemployment rates, Trump! Quiet a few fundamentals lol
Billion_Pips
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@Apex_Managed_Capital, Okay thanks bro. Will keep an eye on both
ApexFX_Pro
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@GideonChibuike, welcome mate 👌
Captain_Walker
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I think that Wave 4 was around 111.639 and Wave 5 was near 112. I doubt wave 4 can be below the Wave 1 point as appears in your analysis. Double check. Caution with Elliot Waves. The big problem with them is that Wave 4 could be anywhere. Wave 4 always retraces less than 100% of Wave 3. Wave 3 always travels beyond the end of Wave 1 and is never the shortest wave. Elliot Wave lovers (which I am not) would disagree with me when I say it's a bit of hocus pocus.
Billion_Pips
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@Captain_Walker,i agree with you that wave 5 was near 112.1 which indicated a truncated fifth and concerning the wave 4 we see it as a leading diagonal where wave 4 can reach the end of wave 1