The Elliott Wave picture on the USDJPY is slowly clearing up.
It appears the Elliott Wave triangle terminated on Sept 25. It is common to see the 'e' wave of the triangle break the a-c line (the red line) while holding below the wave 'c' extreme. Subsequent that rejection, we have a 5 wave sell off that cleanly matches up and holds many wave relationships of an impulse.
Wave 3 terminated near the 1.618 distance of wave 1
Wave 5 terminated near the equality measure of wave 1
Wave 5 terminated near the .382 length of wave 1-3
Wave 5 terminated near the parallel to the 2-4 price channel
The move since the Sept 29 low is clearly corrective. I'm showing a confluence of wave measurements coming into play at 120.40-120.50. (if prices don't make it to the reversal zone, consider a break of the grey trend line connecting both Sept 29 lows)
Therefore, we'll look to short into that price zone with 121.30 as the stop loss.
First target is near 118.50 so we should be comfortably better than a 1:2 risk to reward ratio.
Additional targets exist down near 115.
It appears the Elliott Wave triangle terminated on Sept 25. It is common to see the 'e' wave of the triangle break the a-c line (the red line) while holding below the wave 'c' extreme. Subsequent that rejection, we have a 5 wave sell off that cleanly matches up and holds many wave relationships of an impulse.
Wave 3 terminated near the 1.618 distance of wave 1
Wave 5 terminated near the equality measure of wave 1
Wave 5 terminated near the .382 length of wave 1-3
Wave 5 terminated near the parallel to the 2-4 price channel
The move since the Sept 29 low is clearly corrective. I'm showing a confluence of wave measurements coming into play at 120.40-120.50. (if prices don't make it to the reversal zone, consider a break of the grey trend line connecting both Sept 29 lows)
Therefore, we'll look to short into that price zone with 121.30 as the stop loss.
First target is near 118.50 so we should be comfortably better than a 1:2 risk to reward ratio.
Additional targets exist down near 115.
Test your Elliott Wave readiness.
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Free assessment + bonus training videos customized to your score:
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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
Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.