Is USDJPY forming an Elliott impulse?: Back to 141.2 then 135
If the chart is forming an Elliot impulse wave, and the sharp drop last week was the third wave of it, we will see the fourth wave correction and arrive at the short-term target of 135.0.
As detailed in the related idea linked below, I would see an elongated range formation, and it could take years for the yen to recover its original level.
Pitchfork. the arks, and the fans are additional TA elements in this analysis, so if you hate them, especially Gann Square, ignore them. Or skip this idea. Offensive comments aren't welcome (and will be reported)
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Update.
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15m chart with automatically depicted lines.
This is drawn by my own-made pinescript indicator.
Sorry for messy chart but this is fully automatic.
This is drawn by my own-made pinescript indicator.
Sorry for messy chart but this is fully automatic.
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15m original.
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Pivots changed. Elliott count pending.
Apart from the pending counts, the chart does follow the arcs.
Apart from the pending counts, the chart does follow the arcs.
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15m magnification.
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Analysis updated:
