Subjugal
Short

USDJPY Correction over and ready for last Wave 5 down ?

FX:USDJPY   U.S. Dollar / Japanese Yen
I first thought it might be an ABC correction after the Eliott wave up. But meanwhile it looks more to me that it evolved to another Eliott wave downwards.
For an ABC correchtion, which might be move 1 2 3 in second Eliott wave on the chart, I miss a clear new beginning of a move, that points to the end of a possible ABC correction.
So to me it is more likely that USDJPY             will do another fall.
Wave 4 is typically clearly corrective. Price could do sideways for an extended period and typically retraces less than 38.2 %, usually 23.6 % of wave 3. Fourth waves are often frustrating because of their lack of progress in the larger trend. Wave 4 does not overlap with the price territory of wave 1, except in the case of a diagonal. It often takes structure of flat, triangle or irregular correction. Please don’t label a wave 4 if it passes 50% Fibonacci retracement of wave 3 (unless a diagonal).
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Subjugal Gorbie
@Gorbie, so it seems i´ve been completely wrong. Thanks for your help. I tried to learn a lot about wave patterns, but it is very complicated. I remember I read about Fib retracements. Thanks again for the information. It helped me a lot.
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