SMALL SELL followed by MAJOR BUY (ELLIOT WAVE THEORY)
MAJOR TIMEFRAME
By using elliot's wave theory I believe we are still in an uptrend in the Major Timeframe for USDJPY. Based on my mapping i believe we are currently completing LEG B of the FLAT corrective structure in the major timeframe which should go above or at the least to the start of LEG A. Within that LEG B, we are currently in the final LEG which is LEG C. This C LEG is expected to unfold in A 5 waves up pattern
MINOR TIMEFRAME
Looking at the minor timeframe it seems like we are in the process of completing Wave 3 of the 5 expected waves up for the C LEG within the B LEG of the flat corrective structure. Within that Wave 3 that seems to be a triangle / diagonal, we are likely to see price push down a litte bit to complete the D LEG of the triangle before moving up higher to complete the E LEG of the triangle. This would then complete Wave 3.
Please do note that we are at the end of the year. Therefore we may see alot of unpredictable movement and volatility in the Markets. If I am taking up any position in the next 2 weeks, It will only be from a low risk zone (nearest point to the invalidation level). Besides that I still expect the market to rise in the medium term
By using elliot's wave theory I believe we are still in an uptrend in the Major Timeframe for USDJPY. Based on my mapping i believe we are currently completing LEG B of the FLAT corrective structure in the major timeframe which should go above or at the least to the start of LEG A. Within that LEG B, we are currently in the final LEG which is LEG C. This C LEG is expected to unfold in A 5 waves up pattern
MINOR TIMEFRAME
Looking at the minor timeframe it seems like we are in the process of completing Wave 3 of the 5 expected waves up for the C LEG within the B LEG of the flat corrective structure. Within that Wave 3 that seems to be a triangle / diagonal, we are likely to see price push down a litte bit to complete the D LEG of the triangle before moving up higher to complete the E LEG of the triangle. This would then complete Wave 3.
Please do note that we are at the end of the year. Therefore we may see alot of unpredictable movement and volatility in the Markets. If I am taking up any position in the next 2 weeks, It will only be from a low risk zone (nearest point to the invalidation level). Besides that I still expect the market to rise in the medium term
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