by Sanjay A, January 21, 2023
by Sanjay January 21, 2023
USD/JPY
|
Short
|
H4
H4
Elliott Wave
In my previous post on USDJPY I had not accounted for an expanded wave iv triangle that retraced almost 78.6% of wave iii. The spike was news driven after the BOJ rate decision but was quickly discounted with price making a new low only hours later. Price has recovered but appears to be in a process of a wave iv triangle.
As indicated on chart
0.7% max
Look for price to move down approaching the lower trendline of the triangle followed by a move up the 50% retracement of wave iii which could mark the end of the triangle. If this scenario plays out I will look to add to my trade.
You must be logged in to post a comment.
The trading ideas, analysis, and comments above should not be considered financial advice or recommendation to trade or invest in any financial product. Your personal situation has not been taken into consideration in the trade ideas. This page is for general educational purposes only. Do not buy or sell any product discusses on this page before doing your own research. Always do your own analysis and research and be aware of the risks involved in trading any financial product.
The5%ers let you trade the company’s capital, You get to take 50% of the profit, we cover the losses. Get your trading evaluated and become a Forex funded account trader.
Get Your Forex Funded Trading AccountOffice Hours:
Sunday – Thursday
07:00 – 17:00 GMT
Fridays
07:00 – 12:00 GMT
Telephone:
+1 (929) 955 5595
+44 (20) 8068 0793
Closed now
Email:
[email protected]
Office:
Headquarters
14 Haroshet st, Raanana, Israel
UK Office
Enstar House, 168, Praed Street, London, United Kingdom, W2 1RH
Another possible wave count (and maybe a better one) is that wave 1 is not yet over and price is in the final stage of decline in an ending diagonal or wedge pattern as shown. Under this scenario wave iv may have already completed or could yet still form a triangle.