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UPDATE #1: TRADE: USDJPY - SELL@122.865 Repeat Of Aug Drop? -21

FX:USDJPY   U.S. Dollar/Japanese Yen
1154 1 19
Updating this trade, I am currently -21 pips on this trade as prices have not yet started to decline instead retesting the upper TL of the possible "expanding leading diagonal".

WAVE COUNT
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.

PATTERNS
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 Cypher . This cypher's completion should define the 5-wave wave C of (B). From there, we should see the decline.

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luxiangyang
a year ago
I am also do so.
Reply
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