kosai19

USDJPY (W1) - Elliott Wave Count

FX:USDJPY   U.S. Dollar/Japanese Yen
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.
Comment: W1 closed on the channel support. Expecting a correction to start from here.
I'm not sure if I should be posting EW counts since I count waves very differently than Elliott Wave theory calls for. You'll find in general that anyone who really understand wave theory doesn't follow Elliott's rules (because they are incorrect quite frankly). I believe the markets have evolved past the conventional way of looking at things. If it's too distracting for traditional Elliott Wavers however I might stop posting these. I think my counts might add value for anyone looking for price structure so I'll continue to post for now.
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