3 WAVE CORRECTION IN USDJPY - 1H CHART
Hey Folks,
We had a nice sharp move up and it seems to be a 3 wave correction going on.
The idea is simple, the third corrective move is going on so watch for a fast reversal, then a flag to sell and we can even hold a trade towards to the end of the arrows, making a complete ABC correction from the impulse.
IMPORTANT: If we do not get a fast reversal and starts making a slow move, we may have more than 3 waves inside the structure drawn by the lower and upper black trendlines. So we are looking to a very specific pattern (sharp move down and a flag consolidation).
Watch for these issues,
Carlos
We had a nice sharp move up and it seems to be a 3 wave correction going on.
The idea is simple, the third corrective move is going on so watch for a fast reversal, then a flag to sell and we can even hold a trade towards to the end of the arrows, making a complete ABC correction from the impulse.
IMPORTANT: If we do not get a fast reversal and starts making a slow move, we may have more than 3 waves inside the structure drawn by the lower and upper black trendlines. So we are looking to a very specific pattern (sharp move down and a flag consolidation).
Watch for these issues,
Carlos
Order cancelled:
The structure is changed so we are no longer looking for the sell pattern. Now will re-analyze to plan a possible buy trade
