This is my Elliott wave idea about USDJPY, 12hr.
Wave ⅳ was "Expanded Flat" and completed.
We have moved to a new step.
Many traders may predict the chart pattern is "Head and shoulders" but we are probably on wave ⅴ of Impulse because the motive wave of five-wave structures is already appearing.
This motive wave is "Diagonal".
All the internal waves on this diagonal are three-wave structures.
This Diagonal is sub-wave 1 of wave ⅴ(Orange).
Next, the corrective wave of the three-wave structures is already appearing.
This corrective wave is Flat and sub-wave 2 of wave ⅴ.
This Flat looks like an extended sub-wave c.
If the assumption is correct,
This impulse will probably be the Impulse where the wave ⅴ extended.
The wave ⅴ will grow to the level of 117.500.
In this scenario, the stop loss level is 112.500.
■Last time my idea, Dec 15;
Wave ⅳ was "Expanded Flat" and completed.
We have moved to a new step.
Many traders may predict the chart pattern is "Head and shoulders" but we are probably on wave ⅴ of Impulse because the motive wave of five-wave structures is already appearing.
This motive wave is "Diagonal".
All the internal waves on this diagonal are three-wave structures.
This Diagonal is sub-wave 1 of wave ⅴ(Orange).
Next, the corrective wave of the three-wave structures is already appearing.
This corrective wave is Flat and sub-wave 2 of wave ⅴ.
This Flat looks like an extended sub-wave c.
If the assumption is correct,
This impulse will probably be the Impulse where the wave ⅴ extended.
The wave ⅴ will grow to the level of 117.500.
In this scenario, the stop loss level is 112.500.
■Last time my idea, Dec 15;
