The dip to this morning's low lines up with 2 wave relationships. I redrew the red 2-4 channel lines to 'frame' the potential stopping point for wave v.
The dip was anticipated (see "Channel Support for USDJPY at 124.50 and 123.00") and reached:
1) 38.2% retracement of wave iii
2) Equal wave measurement from the June 5 high to this morning's low
As a result, we have a tradeable low back towards 124.75-127. A move above 123.85 creates overlap (see purple dotted line) and seals in an equal wave pattern from the June 5 high. Equal wave patterns tend to be fully retraced.
Note the 2 higher probability options in the notes on the chart. The 2nd option leads to a very large top (see "How Much Juice is Left in USDJPY Bulls?")
The dip was anticipated (see "Channel Support for USDJPY at 124.50 and 123.00") and reached:
1) 38.2% retracement of wave iii
2) Equal wave measurement from the June 5 high to this morning's low
As a result, we have a tradeable low back towards 124.75-127. A move above 123.85 creates overlap (see purple dotted line) and seals in an equal wave pattern from the June 5 high. Equal wave patterns tend to be fully retraced.
Note the 2 higher probability options in the notes on the chart. The 2nd option leads to a very large top (see "How Much Juice is Left in USDJPY Bulls?")
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Test your Elliott Wave readiness.
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.