This is my Elliott wave idea about USDJPY, 1Day.
Now, USDJPY is wave C on Zigzag A-B-C. and We are in sub-wave (3) (Red) of wave C.
The sub-wave (Green) of sub-Wave (3) is most likely an Impulse pattern. The sub-wave (Green) completed Wave 1 and 2. We are in sub-wave 3.
The sub-wave (Orange) of sub-Wave 3 (Green) is also most likely an Impulse pattern.
The sub-wave (Orange) completed Wave i and ii. We are in sub-wave iii.
so, I think we are at the point where some wave 3 overlap.
The base channel shown by the red dotted line is acting as a resistance line. sooner or later it will pass through the resistance line.
Now, USDJPY is wave C on Zigzag A-B-C. and We are in sub-wave (3) (Red) of wave C.
The sub-wave (Green) of sub-Wave (3) is most likely an Impulse pattern. The sub-wave (Green) completed Wave 1 and 2. We are in sub-wave 3.
The sub-wave (Orange) of sub-Wave 3 (Green) is also most likely an Impulse pattern.
The sub-wave (Orange) completed Wave i and ii. We are in sub-wave iii.
so, I think we are at the point where some wave 3 overlap.
The base channel shown by the red dotted line is acting as a resistance line. sooner or later it will pass through the resistance line.