The 8HR chart above is showing my projections as to the path that we will see prices go. This initial move up that is happening right now still has some more upside to go and should be the wave (a) of the larger degree B. Wave B should unfold in 3-waves so when this wave (a) ends, we should see wave (b) take prices back down again and challenge the lows before we see a large wave (c) back up to even higher prices.
Here is the update of USDJPY that shows the adjusted wave count that I am now switching to. In this wave count, what I see is that the low set back in May 3rd may have been a the end of the larger wave A and that USDJPY is currently in a wave B. And this recent wave up is just the very beginning of that wave B. Wave B must be a 3-wave move so this initial wave up could be the wave (a) of the 3-wave wave B. Also notice that in this wave count, the EED has already completed and the E point was the low set back in May.
Prices have been testing the PRZ of the completed Bat (blue) but have NOT reached the D point of the next POTENTIAL Bat lower (yellow). If this scenario is correct, that Bat will remain unfilled until much later.
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