Elliott Wave Analysis: USDJPY Undergoing A Possible Correction

FX:USDJPY   US-Dollar / Japanischer Yen
USDJPY fell nicely down to our 261.8% Fibonacci projected level over the last two days where wave 5 might completed an extended red wave 3), based on recent sharp turn back to 101.00 area. However, despite a strong intraday bounce we see leg up as part of a new corrective rally. We are talking about red wave 4) that may rally even to 102.00-102.70 area before market would be ready for a new sell-off, then into wave 5) through the 99.00 mark.

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Nice call! It reached the target.
But I think it is gonna go towards 110.000 now.
First target 106.5. What do you think?
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