Small SELL before MAJOR BUY For LEG E (ELLIOT WAVE THEORY)
Major Timeframe
For USDJDY we seem to be in a Corrective phase after an impulsive move to the upside. The corrective structure seems to be unfolding in a FLAT pattern . Within the FLAT structure we seem to be in its second wave which is LEG B. Based on elliot's wave theory a flat takes form in a (3-3-5) pattern. And the 3 wave pattern formed are usually Zig-Zags
Minor Timeframe
As mentioned above we are currently in the LEG B of the flat pattern. Looking at whats formed it seems to be doing a zig-zag pattern for LEG B. Within the Zigzag pattern we are currently in its final wave which is LEG C. This LEG C should unfold in a 5 wave movement up. Within the expected 5 waves movement up for LEG C of the zig-zag we are currently completing the 3rd Wave. Wave 3 seems to be unfolding as a diagonal movement. Based on the diagonal we should see a small drop for its Wave D before moving up to complete Wave E. This would then complete the entire Wave3. After that we may see a small retracement for Wave 4 before shooting higher again for the final 5th wave of the zigzag.
For USDJDY we seem to be in a Corrective phase after an impulsive move to the upside. The corrective structure seems to be unfolding in a FLAT pattern . Within the FLAT structure we seem to be in its second wave which is LEG B. Based on elliot's wave theory a flat takes form in a (3-3-5) pattern. And the 3 wave pattern formed are usually Zig-Zags
Minor Timeframe
As mentioned above we are currently in the LEG B of the flat pattern. Looking at whats formed it seems to be doing a zig-zag pattern for LEG B. Within the Zigzag pattern we are currently in its final wave which is LEG C. This LEG C should unfold in a 5 wave movement up. Within the expected 5 waves movement up for LEG C of the zig-zag we are currently completing the 3rd Wave. Wave 3 seems to be unfolding as a diagonal movement. Based on the diagonal we should see a small drop for its Wave D before moving up to complete Wave E. This would then complete the entire Wave3. After that we may see a small retracement for Wave 4 before shooting higher again for the final 5th wave of the zigzag.
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