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Falsebreakout

USDJPY Elliot Wave, false breakoutI don't regularly use Elliot wave theory in my ideas so I'm not 100% on this one, any advice is very welcome. Things to note are that USDJPY is in a consolidation pattern on the daily. It tried to breakout a few days ago but failed. Going up for another test but is running into a lot of resistance. Put in a long wick right along previous structure support, which lines up fairly closely with 382 fib confluence I tried to add the elliot wave theory as an after thought but I'm not quite sure if this is valid. Leg 3 is nice and leg, leg 4 doesn't close above leg 1 lows. ABC pattern seems to be completing right around the beginning of leg 4 which is about right. I'm expecting a move downwards about the length of leg 1, though it could reach all the way to the bottom of the consolidation pattern
Short
by SoxKeepYouWarm
Continue to Like Russia HereRussia is a market that I like as a standalone. I have already one phase in as I stated nearly a month ago. Here is why... "Russia is currently trading at .6 times book value. The reason for this is quite clear, if the US and Europe pose sanctions on Russia, the companies within will be harmed economically. The question for investors is by how much will sanction effect demand and therefore how much pressure will be put on earnings. Couple this with already poor economic conditions and high inflation in the region, there is no question why market participants hate this market. This is where I see opportunity. The book value of .6 is currently 26% of the 2.2 price to book value of the S&P 500. The only times this ratio was at this level was 2008 and 2001. On a price to cash flow basis, this is the lowest level since 2001. On a price to sales basis this is the lowest level since 2001. Now this may take some time to materialize, however I think the recent the market discounting future negative economic performance has provided an attractive entry point for investors in Russia. I am looking to implement this position in two phases, one sometime this week, and next level if we see 10% lower. That’s it."
RLong
by _SeanDavid