ELLIOTT WAVE ANALYSIS 02-08-17 – USDJPY turning point is dead ahead.
LONG – to above 136.00 in wave [C]
My Bias: Neutral
Wave Structure: rally in wave [C]
Short term wave count: wave [v] grey
Long term wave count: wave [C] is underway, upside to above 136.00
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 begining of wave 3 red.
Another 200 points or so will complete the structure and wave 3 red should bring us most of the way there.
The opposit technical picture is evident on the 4hr chart, 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.
IF YOU WANT TO SUCCEED IN THE MARKETS – OUR DAILY INDEPTH ANALYSIS WILL HELP UNLOCK THE POTENTIAL IN THE PRICE ACTION.
Elliott Wave Price Analysis
for EURUSD, GBPUSD, USDJPY, GOLD, DOW JONES
Top down Elliott Wave price action analysis right before the market opens from Monday to Friday + Metatrader 4 templates + incoming trading setups.