USDJPY Elliott Wave Analysis: Three Waves Up Are Pointing Down

By: Gregor Horvat | Fri, Nov 8, 2013
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USDJPY finally broke to the upside yesterday, above former swing high but rally has then stopped at 99.40 from where we have seen a sharp almost 200 pip fall. If we take a closer look now on whole rally from 96.55 then we can see that recovery has unfolded only in three legs which is bearish structure that is pointing now lower, back to 96.55, especially once lower support line of a corrective channel gives way.

USDJPY Elliott Wave 4h

USS/JPY 4-Hour Chart


Elliott Wave Education: Zig Zag Pattern

A zig-zag has a 3 sub-wave structure labeled A-B-C. Generally Zig Zag moves counter to the larger trend. Zig-zag is one of the most common corrective Elliott wave patterns.

Idealized Elliott wave Zig Zag Pattern

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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