The Short trade for USDJPY worked out perfectly, we saw the short term buy at the beginning of the week for the completion of wave C followed by an impulsive wave C lower. For context of that trade see link below: Although we saw a strong move lower yesterday, the lower time frames like the 15 min still suggest that this is only a correction and not a potential bearish impulse for what I counted to be wave 5 in my previous post. Nevertheless we do what we always do, wait for price action to either consolidate or reverse. If price consolidates I'll sell the continuation once again. If price reverses I will wait for a consolidation and buy the continuation.
i think we might look for another sell opportunity the impuls up looks more corrective vs the down impuls i don't know if it is ok to look at it that way ?
i also see a counting mistake in your chart the II needs to be a Bwave right lets see if the consolidation gives is a nice setup !
TimStuyts
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The wave count shows that the bearish move is a possible 1-2 with wave 3 in progress or wave 3 might already be over with a wave 4 correction currently in progress. Or more likely at the moment an ABC pattern and I see I made a typo, thanks for pointing that out, not sure whether I can change that any more but should be clear now. For now I favor an ABC pattern due to characteristics of the first and second down move. But it is too soon to tell, therefore I showed both counts. I agree with the potential sell continuation trade (which will be the first possible trade for me until things change) but we have to see since nothing is confirmed yet.
i also see a counting mistake in your chart the II needs to be a Bwave right lets see if the consolidation gives is a nice setup !