This pair is developing a beautiful impulsive five wave structure back to the downward . The thousand pip question is, is this the beginning of a motive wave up for a complete reversal or corrective for the next huge impulse down? Well...it does not matter for now. We have a short lived short trade at the beginning of next week to complete a complex corrective structure followed by an amazing long. Just look at the previous two blue arrows and you can see how impulsive and rapid the up move can be. Something about this rapid decline followed by a rapid up trend tells me that the market has scraped the bottom. Good luck to all that will be participating in the market!
Yen has completed a five wave impulse up. We weren't sure whether this was motive or corrective. I think it's clear now that it's making a much bigger corrective structure than before. There is a potential buy coming after the B wave is completed but that will likely take more than a few days to manifest.