USDJPY: The Next Move - Finishing Wave 4
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:
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.
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:
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.
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Mailing list: bit.ly/2iNieEY
Facebook Group: www.facebook.com/efxselect
Twitter: @andrewefxselect
Website: www.efxselect.com
