LONG – to above 136.00 in wave [C]
My Bias: Long towards 1550
Wave Structure: ZigZag correction to the upside.
Short term wave count: Upside from 1120~, target 1500
Long term wave count: Topping in wave (B) at 1500
Important risk events: JPY: N/A. USD: Unemployment Claims, FOMC Member Evans Speaks.
USDJPY continued its downward bias today,
I am still looking for a five wave structure to the downside to complete wave ‘v’ brown.
The larger wave count demands a completed form, so todays minimal action must be the beginning of wave 3 red.
Another 200 points or so will complete that larger Elliott wave structure and wave 3 red should bring us most of the way there.
The opposite technical picture is evident on the 4hr chart compared to Cable and EURUSD, as the price drifts to the downside the technicals are showing waning momentum.
Both MACD and RSI are on the verge of crossing to the upside, in what will be the first indication that wave [iv] is completing.