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?")
Test your Elliott Wave readiness.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
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
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.