$YCS achieves measured move target on weekly chart $USDJPY
Today's close hit the second and higher measured move that I laid out for YCS. Two months ago I posted this chart:
Direct bulls-eye. The question is what comes next?
One possible scenario: I could see price bounce between 82.50 and 78.50 to digest gains and then try for higher levels after a period of consolidation. Alternatively price could overshoot to the upside and then come back and retest the 82.50 level.
At this point it may be unwise to initiate new longs in this ETF until things settle down. Those holding from lower levels may want to take partial profits and ride out any pullbacks as long as price holds above ~78.50 on a WEEKLY close.
Good luck!
Direct bulls-eye. The question is what comes next?
One possible scenario: I could see price bounce between 82.50 and 78.50 to digest gains and then try for higher levels after a period of consolidation. Alternatively price could overshoot to the upside and then come back and retest the 82.50 level.
At this point it may be unwise to initiate new longs in this ETF until things settle down. Those holding from lower levels may want to take partial profits and ride out any pullbacks as long as price holds above ~78.50 on a WEEKLY close.
Good luck!
