Here's my Elliott Wave
count for the USDJPY
on W1. It appears more likely to be a corrective structure (labelled it black with the gray label as the alternate). Please note that I label my waves different than most. The way I label it typically allows for the market to perform an "irregular B" wave that triggers new highs.
I see three possible scenarios here:
1 - We are in W4. In this case we should have a corrective structure (complex or simple) and eventually have new highs.
2 - We are in W1 of a new down trend.
3 - WC has finished but we may have an "Irregular B" wave that breaks WC highs before reversing.