The object of wave counting is to be able to identify prime trading opportunities with the lowest risk based on what we know about how waves work. Yes, it's complicated and takes a lot of work and CONTINUOUSLY adjusting your counts in order to stay ahead of the game. But if you are lazy and don't want to put in the work, why are you expecting to make money trading? Better to give your money to a money manager and make your measly 6% per annum return on your money! But if you want 60%, 600% or even 6000% returns, you better get to work!
Ok, off my soapbox again.
Here in USDJPY, what you are looking at is my wave count analysis on what is going on right now. It is currently in a small correction of the recent 5-wave impulse wave down which I labeled a wave A. If that is correct and that was a completed impulse wave, then of course, the only answer is that prices are in a 3-wave wave B, right? And the wave B itself is composed of 3-waves. From here, its hard to know exactly how the wave B correction will unfold but from experience, it is likely a simple zigzag. Now, a zigzag is composed of 3-waves: impulse-corrective-impulse. What I am seeing is that the first 2 parts of the wave B, the impulse-corrective parts, appear completed. That means that prices are in the final impulse wave of that wave B. So if we as wave counters are looking to trade the impulse waves, why not trade this final impulse wave up? Easy. There is NOT a good risk:reward trade available here.
So what's the answer? Of course, BE PATIENT and WAIT for the wave B to finish and then look to trade the wave C down! Can you do that? BE PATIENT? Remember, NOT trading is also an action! Preserving your money is just as important as making money!
liking your Elliot Wave count, it coincides with my view for the Short USDJPY part :D Thank you for sharing..
pmcllc
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Good point thank you!
Sasquatch_Trader
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The art of making money these days and escaping the cyclical central bank confiscation of wealth via boom/bust is to protect capital using TA. Congrats for beating out your homo sapien brethren by a few billion mental miles.