We can see a three drive pattern formation in USDJPY 0.21% , all the symmetry of the pattern is been respected by the fibo ratios in every wave. We could say that price is ready for the short, we also need to have in consideration that drive 3 could extend to the 1.618 as part of the formation of the pattern, usually trend changes at the 1.272 were prices is at this moment.
Comment:
We can also see on the daily charts the 1.1272 ext right at the top of the three drives completion prices reaches a daily trend line for a channel formation, given more clues for sellers to jump in
Comment:
USDJPY at the moment is running in a great profit for the entry that was call when this idea was first publish, now the first reason we decide to short the UJ was because a three drives pattern formation, first entry for this short was set at the 1.272 ext from the third drive, now three drives, every top could actually extend to the 1.618 ext, in this example we can see just that, how the third drive finished at the 1.618 before turning the trend downside
Comment:
Potential reversal area, look at the 0.382 fibo to reentry trade for shorts
