this is an idea I am looking for other opinions. If you like please comment to help me learning.
I wondered, why USDJPY was going up so far last December. Could be because of rate hike of FED, Trump factor or anything else.
From technical view in Weekly chart it seems possible for me, that it is just an upmove leg 4 that reached to upper trendline of...
I first thought it might be an ABC correction after the Eliott wave up. But meanwhile it looks more to me that it evolved to another Eliott wave downwards.
For an ABC correchtion, which might be move 1 2 3 in second Eliott wave on the chart, I miss a clear new beginning of a move, that points to the end of a possible ABC correction.
So to me it is more likely that...
I got the feeling, USDJPY is seen as short for longterm. Considering monthly timefrime I could imagine, that last sell pressure was kind of reaction to long uptrend. So the sell off might be an ABC correction to EW from year 2012 to 2015. Looking at wave 5 of that EW, where much bullish activity has been and much activity during wave C of ABC correction I could...
This might be an interesting structure.
After going down the Aussie formed kind of rising wedge (blue lines), that evolved to kind of a channel upwards.
The wedge was broken downwards and might go on to last touch on lower wedge line.
Otherwise the channel seems to be in the way with its lower line.
The Fiblevels seems to my quite strong.
My guess: It goes down to...
the last daily downtrend movement seems to me like an Elliott wave, that failed to reach last low (5).
I once read, that this could lead to an trend revearsal.
If I consider the move up rejected at point (4) of EW, that seems to me like a triangle confirming the trend revearsal.
Got no clue for target of movement. But I think, it might be at least back to ...
this is my first try to publish a trading idea. Since I am not very experienced this is just an idea.
As a rookie in trading I would appreciate helpful suggestions about this idea.
I did this cause I took so much from others ideas and analysis, so I had the feeling I should try to do an idea of my own.
It´s a simple Elliott wave and ABC correction...