Elliott Wave Analysis: USDJPY Trading Within A Triangle

FX:USDJPY   U.S. Dollar/Japanese Yen
USDJPY             dropped sharply yesterday, well bellow a channel support connected from September low which suggests that market completed a five wave rally up in black wave (c) of C-circled. Decline is also very aggressive, so we believe it's part of a bigger three wave drop that can continue even to 101-102 area for wave D-circled based on an Elliott Wave triangle count.

A Triangle is a common 5 wave pattern labeled A-B-C-D-E             that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivides into 3-3-3-3-3.

Get 2 Months for the price of 1!!

Love the count and is exactly what I am seeing as well. Im short from 105.00 - Good luck
+1 Reply
Weekly chart - I personally see the move down from July 2015 as a correction to the trend. That being said, the failed move down from July this year may be a failed 5th wave of C.
Move up to 4th September is my wave 1 of the new trend, 21st Sept wave 2, and the recent peak is the wave (1) of 3
That being said, alternative - price bounces to 103, and then goes back up as a rocket.

I most certainly am not saying I'm right and you're wrong, just sharing a different angle.
+1 Reply
ahabaevbg ahabaevbg
Correction, make that 102 the next bouncing price :)
TomPower ahabaevbg
@ahabaevbg, not sure how u deduced it was a rocket from that 102 but u couldn't have been more right, well done!
No, glad your shared your idea. Well i personally think that because of so slow and overlapping price movement, we are still in a triangle.
Intraday bounce may be wave b.
looks like the triangle was not the right idea, but that explosive move up is tough to count. Maybe the low is august 16 (truncated bottom). Is it a 1-2, 1-2 ?? and it is 3rd of 3rd
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