QUICK UPDATE: USDJPY - Riding The Wave 4 Correction

28 Dis 2016

TEN days ago, I posted a chart where I said that this pair had reached a critical level at a 1.618 extension and said that we should see some retrace occur at that point. I told my members to SELL as soon as I saw the proper price action setup a SELL. Which we did @118.095 right where you see that I marked the minor wave (A) end. That provided a very good risk:reward trade. That is what you need to look for!

I updated this chart 4 days later on Dec 22nd to reflect my latest wave count and what was to be expected and I said to move your stops to PROTECT the trade as I DO expect that we should see yet another move up in a wave 5. I also showed that the minor wave 4 was forming a triangle.

Well, that triangle has been broken and what we are seeing is a more complex wave 4 forming. And that is what I am showing you here in this post is the probable way that this wave 4 SHOULD unfold.

So far, my members and I are up +60 pips on this minor wave c move down and holding for more. We are in a no-loss trade already. If you are in this trade, hold it but move to protect your profits.