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cheesywedges
Feb 28, 2021 10:26 AM

Study of Elliot Wave on USDJPY, retracing to $105.6 Short

USD/JPYOANDA

Description

Looks like there is a very obvious Elliot Wave on the USDJPY on the 4H timeframe, but it does not fully follow the rules on the ABC Correction Wave. Things look bullish on the chart, but if we bring out the MACD, Stoch and RSI,

* MACD Histogram is lower than the previous candle
* Stoch D>K
* RSI > 60 and close lower than previous candle
Comments
acsedward
Came up with about the same conclusion as you. I agree with your analysis, it does seem about to turn around.
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