UPDATE #2: QUICK ANALYSIS: USDJPY: Scenario #2: ABC 5-3-5 ZigZag

I wanted to update this post because prices have now broken through the upper TL of the triangle following this Scenario. This is a possible sign that could confirm this scenario vs. the Scenario #1 Triangle scenario.(see Related Ideas:"FULL ANALYSIS: USDJPY: Triangle completed. Is wave (iv) done?"). However, it is still not clear yet which path prices will take. But as I have said before, I do favor this scenario but until I see positive confirmation, I will stay to the side. If prices do continue to advance upwards after bouncing from the upper TL. then that will be a good sign that prices will follow this scenario.

Here's the chart I posted last week on this Scenario #2 update:

MY TRADE PLAN
Even though in the previous update on this scenario,I said, "Under this scenario, I will wait until I have seen the wave 2 of the 5-wave wave (C) to be established before I look for a LONG position to take advantage of a possible wave 3. I will NOT take any LONG position until I see the wave 2 because when I see that, it will further strengthen the plausibility of this scenario. Furthermore, I'll need to see that the wave 2 retrace of the wave 1 DOES NOT break under the low of that wave 1 and therefore also break the lower TL before I can more safely say that my wave count is correct.", I did not take any LONG position though there was clearly a wave 2 that may have formed that did not break the lower TL of the triangle. But now is not the time to jump on board just yet. Nothing to do just yet but continue to wait......