EverythingForex

USDJPY: The Next Move - Finishing Wave 4

FX:USDJPY   U.S. Dollar/Japanese Yen
What I am looking for now is for the end of the 3 wave ABC             wave (b) of the last 5-3-5 ABC             zigzag of this double zigzag pattern to complete. Then there should be wave (c) up in 5 waves to complete the pattern and wave 4. I have drawn in a POTENTIAL bullish crab pattern here that could mark the end of that wave (b). The crab D point is at the 2.24 harmonic of wave (A) so that gives some fib confluence to wave (b) finishing around that point. I'll be looking to go LONG at that point given bullish price action.

So far, this wave 4 has lived up to its' reputation as difficult to predict. But now that we may be coming to the end of this correction (HOPEFULLY!), the pattern is becoming more clear. It appears to be a double zigzag flat correction resulting in a complex WXY wave. Here's my updated wave count:
snapshot

MY TRADE PLAN
I'll be just watching and waiting for that crab to finish and see if I an mark that as an end to the wave (b) and the beginning of wave (c) back up into the .618 retrace of the larger wave 3. At that point, if prices cannot break through the .618, then a double top may form and that may be the beginning of the next large wave down in a wave 5. I'll be watching......

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.
Performance Summary & Public Trade Log: http://bit.ly/29AeqnC
Sep 18th Weekly Indexes newsletter: http://bit.ly/2w2ODMH (FREE Access)
Want results like this? Join us: http://bit.ly/29x4bfM
Beautiful!
Reply
Thanks but it's beautiful only if it works out as planned! GL!
Reply
United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Support Priority Support Report Issue Ideas Published Followers Following Private Messages Chat Sign Out