As discussed over the recently days, price was preparing a rally given a parameter - Lower values threatened to signal a trend reversal, however, Pattern stole the show here. In the earlier analysis, there were concerns about a possible down-trend reversal had price maintained its course.
Yesterday, I mentioned:
"I personally do NOT like to see Point-5 neglected by wave count. Wave count is odd here, so beware of possible DEEPER pull-back. Levels given are structural analysis."
(Source: "Predictive Analysis & Forecasting Room, TradingView.com - 16 SEP 2014: https://www.tradingview.com/chat/#5eHLst6YxeVqGlaO)
As suspected, price met the predefined Point-5 and reversed from there, affording the pattern trader to be given no other directional indication but up, especially as none of the candles that completed WW at Point-5 ever closed below that 1-3-5 Line - From this WW Point-5 validation, the WW trader had no other prospect but up.
OUTLOOK - EXPECT TG-Hi = 109.786:
Outlook remains intact at this point, with a loftier TG-Hi, defined at 109.786 five days ago (12 SEP 2014). The model is giving this as a qualitative (i.e. "Hi" or "Lo") target, or "Qual-Target" in contrast to a quantitative (i.e.: TG-1, TG-2, TG-3, ... TG-n), or "Quant-Target".
As indicated several times before, Quant-Targets have reversible powers, being able to repulse price back to greater depths than the expected 0.382, 0.500 or 0.618 levels. While a definition of these levels will require added analysis (If and once price gets to 109.786), the current predictive/forecasting model remains and supportive of the target it had defined back on 12 SEP 2014.
completed and buoyed price to higher highs. The remainder of the rally is expected to be fueled via other geometries than the WW. Look for expanded flats, running flats or other dynamic motives. However, once 109.786 level is reached, prospects for higher levels are likely to meet a significant entrenchment at that defined level.
Predictive Analysis & Forecasting
Denver, Colorado - USA
$USDJPY hit target @ 109.786; Wolfe Waves Pattern pending at 5'; Then, major correction?
@tradingview | $USD $JPY
Also, consider these recent $USDJPY analyses with same forecast:
1 - $JPY Hit Forecast TG @ 107.509; Eyes TG-Hi @ 109.786 | #forex:
2 - $JPY Nears Target-High @ 106.614 | $USD $JPY #Yen #Nikkei #forex: