Walktheline
Short

Game Changer: Elliott Wave, Pitchfork and Gartley USDJPY

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY             , which as we know is a proxy for the S&P500             , is showing a Bearish Gartley Pattern, as well as Pitchfork , Fibonacci and Elliott Wave analysis.
If correct, we are now entering Wave 5 of Wave 1 down, which should take out the pivot at 122.168 and the lower median line . Wave 2 will take us back up and possibly form another Gartley pattern , but will test the lower median line from below.
A safe entry would be to go short at around 123.3 at the top of Wave 2. I will update you further as this trade progresses.
Everything is going to plan, The Gartley came off nicely at the 78.6% retracement and has now fallen in a 5 wave pattern. Wave 1 down off Wave C seems to be finished. If you were short the Gartley I suggest taking profits now before the big meeting on Wednesday. What I think will happen, from looking at various USD cross charts, is we will have a final Wave 2 rally in the Dollar, when Yellen announces a rate rise, before Wave 3 sets in. So, best to get out now and watch unless you're feeling very brave. Watch GBP, EUR, AUD and NZD for confirmation. Wave 2 should take us back to near the previous Wave 2, you can see the overhead resistance on the chart. I'll be shorting again there on a pull back using a pitchfork and hope to catch the next Wave 3 of Wave 3 down. I will update as we go on.
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