skai

Down Elliot coming to an end?

FX:USDJPY   U.S. Dollar/Japanese Yen
246 0 0
This seems like a reasonable Elliot sequence. USDJPY             has reached it's point 5 which indicates that this down elliot is now over. After point 5 price action rallied to 0-4 line, but retreated. A normal correction for the pattern though.
Now price is sideways but going up probably.
I would buy USDJPY             as soon as 0-4 line is broken upwards. Usually 0-4 line breach is followed by a strong wave, and that is what I am waiting for.
I am neutral now, but monitoring price action nearby 0-4 line.
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