First take a look at my previouse posts on this cross here:http://theelliottwavesufer.blogspot.com/2011/04/usdjpy-topped.html
and here:
http://theelliottwavesufer.blogspot.com/2011/04/usdjpy-nice-looking-picture.html
The correction towards the 61.8% corrections-target of wave 1 has not been the most easy to read, but the way I see it is, that we have seen a double zig-zag.
There is a very nice relationship between the first and the second zig-zag. At 80.29 the second zig-zag will be exactly 61.8% of the first zig-zag, which is just 2 pips above the 61.8% corrections-target, so we have very strong support here.
If wave a and c of the second zig-zag is going to be equal in length, the we should see wave c reach 79.98. No matter which of these target will mark the end of wave 2 we are very close and should soon see wave 3 higher. The first indication that wave 2 is over is a break above 80.75 and confirmation will be a break above 81.20.
Stay tuned!
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