USDJPY Short - Elliot Correction Wave (ABC)

Looks like a possible Elliot Correction Wave (ABC) setup.
Enter with bearish confirmation at B. TP is C. SL above 5.

Note

Looks like we are approaching B. Going to have to keep an eye on it for the next few hours :)

Note

Price is at resistance and still below wave 5. Keeping a lookout for a bearish 1H candle to form.

Trade active

Entered at 1H MACD cross down

Note

SL = 107.1
TP1 = 105.2
TP2 = 104.73

Note

This Wave Analysis is invalid now.
I have moved my SL and TP to match the rising channel.
SL = 106.5
TP = 105.3

Trade closed: stop reached

BigPipper

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BigPipper