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USDJPY: Elliott Wave Expanded Flat Structure

Elliott Wave FLAT structure is the corrective pattern which is often seen in the real market.

There are 3 types of Flats:
- Regular flat.
- Expanded flat
- Running flat.

In this technical blog we're going to run through Expanded flat example.

Expanded Flat is a 3 wave corrective pattern which inner subdivision is always labeled as A,B,C and it has 3,3,5 structure. That means waves A and B are always corrective structures, while wave C is 5 wave impulsive or ending diagonal pattern.

At the graphic below, we can see what Expanded Flat structure looks like. Inner structure has ABC labeling, where wave B completes below the start point of wave A, and wave C should complete above the end point of wave A (usually at 1.236-1.618 fibonacci extension A related to B):

Idealized Ellitt Wave Expanded Flat Structure

Now, let's take a look at some real example:

$USDJPY July.2.2015 London Update. Wave ((w)) ended at 122.09 and current price action suggests the pair is now doing wave ((x)) recovery against the 124.387 high. Wave ((x)) recovery has taken form of Expanded Flat Elliott Wave structure. As you may notice, wave (b) of ((x)) Flat has ended below start point of wave (a) and wave (c) is quite extended, it's appraoching 1.618 fibonacci extension of (a) related to (b) which is not marked on the chart but it lies close to the marked 76.4 fibonacci retracement ( 123.845). Current Elliott Wave analysis suggests wave ((x)) is about to complete as expanded flat structure at 123.509-123.845 area.

USD/JPY Elliott Wave Expanded Flat Structure Chart
Larger Image

$USDJPY July.9.2015 Asia Update. A week later, as we can see, the pair did make nice decline as expected. Flat pattern ended below the 0.764 fib retracement (123.845) right at 1.618 fib extension A related to B. You can check that at your trading platform by using fibonacci expansion tool: wave C =wave A* 1.618.

USD/JPY Elliott Wave Expanded Flat Structure Chart 2
Larger Image

 


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