"USDJPY downtrend" by trader TradingEW — published November 19, 2015

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U.S. Dollar / Japanese Yen (FX:USDJPY)

FX:USDJPY U.S. Dollar / Japanese Yen

In the middle of larger complex correction {4}, just completed wave b of (a), heading down on an impulse wave c.
1st target wave (1) near 120.00.

Long term view:

Agreed with the count but the new wave 1 leg which is currently underway can also retrace from end of wave 4 of the prior upleg, So why do you think this wave 1 will retrace to end of prior wave 2..... I'm still learning EW your comments will be highly appreciated

KayJay

On the main chart, white c wave is projected below the bottom of wave a since it is potentially a flat correction.
Then, intrapolate (fill-in) the 5 waves of the impulse c wave, you get the approximate targets which will be adjusted and updated with PA.

https://i.gyazo.com/b19ee36a98435824307985c97690aca0.png

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