UPDATE #2: USDJPY: Analysis - Why Is It Going Down? Crab Filled

Wow. Didn't really expect it to get down to Wolfe Wave target so fast! But it hit almost EXACTLY! as predicted. Crab pattern PRZ completely violated. Now that it's down there...now what?

I'm not taking a LONG position here as there is not any solid factors in which to take any trade. The crab pattern PRZ was completely violated so the crab is out of play. Not any solid structure to base a structure trade on. It could very well start to retrace back up towards the lower trend line of the wedge breakout but it could just as well just trend sideways in a consolidation and do nothing more until the next move down.

Again, if you look at my analysis, I'm expecting that this is only wave 1 of the coming corrective wave down so I am expecting a wave 2 up at some point.. Just no evidence of when and where that will happen. If I can determine with some certainty of the wave 2 up, I'll post about it. The big prize is of course the wave 3 down. Be patient.