After a 5-wave advance finishing off the larger wave (b), we should be seeing the very beginnings of the wave (c) down. But before that happens, what we are seeing is an ABC corrective phase. The decline from the wave (b) high from 11/18 seems to have been a 3-wave wave (A). Prices are now in a wave (B) retrace of that wave (A) back up. This wave (B) looks to be targeting the upper TL that I have drawn that defines the upper channel of the possible "expanding triangle". Currently, it should be in the wave (iv) of (v) of the wave C of (B). So a brief wave (v) up should ensue and then we should be seeing a drop from the retest of the TL.
Other than the patterns I had already mentioned in my trade post (see Related Ideas: "TRADE: USDJPY - SELL@122.865 Could This Be A Repeat Of Aug Drop?"), the recent price moves have now formed a POTENTIAL . This cypher's completion should define the 5-wave wave C of (B). From there, we should see the decline.
Want more great analysis and pro trading tips like this? Join my faceboook group at www.facebookdotcom/efxselect today (replace the "dot" with a ".")!
Want to know how I plan on trading this pair going forward? Want the same BUY/SELL signals my members get? My members get complete REAL-TIME in-depth analysis, trades, alerts and signals on all pairs I cover as well as expert trading advice and tips. They received my TRADE ALERTS as the trade was happening and got the best entry price! Would that help you? Go here now to signup or to get more info: http://www.efxselect.com
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 can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
Year-to-date Profits: +5,794 pips.
USDJPY FULL Report (Subscription Required): http://bit.ly/2ttcCTV
This Month In Indexes newsletter: http://bit.ly/2tGqpcy
Want results like this? Join us: http://bit.ly/29x4bfM