Wednesday, June 18, 2014
Elliott wave analysis of USD/JPY - Triangle could be over soon
The decline from 102.79 only made to 101.57 and we have to consider this as wave (d) and the on-going rally as wave (e) to end the triangle. If this is the case, then we should expect wave (e) to top out near 102.28 for a break below support at 101.69 and more importantly below 101.57 that would confirm a continuation lower towards 100.80 and lower towards 97.60 as the first possible target for wave C.
At no point should we see a break above the top of wave (c) at 102.79 as that would invalidate this count.
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