My short term count favor that we have seen a top with the test of 85.54 ending wave 1 up from the important low at 76.99. We should now see wave 2 lower towards at least 82.28, but more likely 80.28, where wave 2 will have corrected 61.8% of wave 1.
Adding support to my expectation of the top is the very distinct double divergence and the break below "0" on the MACD indicator. We are also seen the wave 2-4 uptrend-line being broken all calling for the top being set at 85.54.
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ReplyDeleteYou are certainly good at what you do !
Hi EWS,
ReplyDeleteusd/jpy fell to 83.45 then bounced back to 84.32 the last time I looked.What do you think about one more deeper fall in usd/jpy? Looks like ABC Correction to me.