Looks like the dollar is filling GAPs as the chart shows. Last 2 are at 102.826 and 101.601.
Follow Fibs for areas of reaction where we may get a correction.(yes fibs go beyond 1.618)
Look for the correction very soon, if we have one, to go as high as 105.5-ish. It should NOT correct higher than that if we are going much lower...according to Elliott Wave I'm...
Based on fib extension, the following are major prices to look for a pause or retracement:
Already had the pause at
$76093
Next are:
$78136
** $79571 **
$81006
$82781
$83462
Final destination before a significant correction/pause
$85561
Weekly charts show a classic ending triangle with the appropriate hard thrust down out of the ending 5th wave of wave (E)
Look for further move down maybe to 140, quick move up, then a slower move down toward 114 where the triangle started...over the next several months.
Looks like a wave 3 is still in progress for the Nikkei, retracement shouldn't go below say $36,000-ish before hitting a high of $58,187 to complete the 5th wave.
This 5th wave completion may be only the ending 3rd wave of a larger wave pattern.
Let see what happens in the coming years.
Watch $106.26 as the next target and retracement level. A reasonable pullback can take us as low as 104.37. We may push straight up to 107.57-ish. That is where we should look for a significant pullback or pause. But I can see $104.37 as a support level.
