USDJPY - Elliot Wave Mapping Targeting 5th WaveAs per count showing, I'm targeting the 5th wave of C of B
EW-USDJPY
USDJPY Elliott Wave: Short to Bat CompletionHey Traders! Here is an update on USDJPY. Another bearish actionary wave indicates a double zig-zag correction. Pinbar resistance presents an optimal entry with a tight R/R. Unless 101.443 is broken I will be long toward a long wave-3 if/when this short follows through to completion. I will update as waves complete. Happy Trading!
USDJPY (W1) - Elliott Wave CountHere's my Elliott Wave count for the USDJPY on W1. It appears more likely to be a corrective structure (labelled it black with the gray label as the alternate). Please note that I label my waves different than most. The way I label it typically allows for the market to perform an "irregular B" wave that triggers new highs.
I see three possible scenarios here:
1 - We are in W4. In this case we should have a corrective structure (complex or simple) and eventually have new highs.
2 - We are in W1 of a new down trend.
3 - WC has finished but we may have an "Irregular B" wave that breaks WC highs before reversing.
