For my previous posts and updates have a look below:
I'm looking for 5 waves for wave C towards at least 116. Therefore I like to look for buy trades after each minor consolidation.
Keep in mind that NFP is on the agenda later today. (The count in green is indicative)
www.timstuyts.com
I'm looking for 5 waves for wave C towards at least 116. Therefore I like to look for buy trades after each minor consolidation.
Keep in mind that NFP is on the agenda later today. (The count in green is indicative)
www.timstuyts.com
Comment:
I was looking for a stronger correction but this pair shows an example of how complex a correction can be. It might turn into a triangle formation. Nevertheless short term there is another buy opportunity, however it is always an IF-THEN approach so I'll be looking for a consolidation of lesser degree and then buy the continuation. I'm still long my original trade with stop loss at break even. I will watch for a possible break and test of 116.
Comment:
Keep a close eye on price action. This pair reached the projected structure zone shown by means of the upper red trend line. If we see a consolidation and bullish continuation buy USDJPY towards 116.
