It correspond to my daily USD/JPY chart that shows the end of 5 wave up from 75.5 low to the 105.432 high.
In EW the 78,6 area is also very interesting having confluence with the 1.382 fib extension , but the right harmonis fib will be the 88,6 for the pattern
As always ... time will show!
Safe trading ladies and gents!
Music at work : ... (Remember the subwoofer on :)
As stated yesterday: "In EW the 78,6 area is also very interesting having confluence with the 1.382 fib extension" That area has now been reached to the penny. Normally it means that lower highs are on the horizon. A wave 2 up could be finished now and a wave 1 of a 3rd wave down is on its way.
But stay flexible the bearish shark harmonic patterns minimum fib is the 88,6 retrace. Safe trading here!!! Let's give it some time to let it prove itself. After all the wave 3 of 3 could still be some days ahead.
As for the EW I can see a 5 wave C wave in progress after an 5 wave A leg
and 3 wave B. *from the low @ 103.90* However, the A = C only projects to about 104.95.
thanks for your thoughts and have a profitable 2014 !!!