Elliott wave analysis of USD/JPY - A triangle is building, but which kind?

USD/JPY preferred count

USD/JPY alternate Count

 

 

USD/JPY

 

I still prefer the wave iv triangle, but we have to consider an alternate Count being at Work. This Count tells us, that we are only in wave b of iv and should expect a rally towards 99.05 in wave e of the b-wave triangle followed by renewed downside pressure in wave c towards 90.82.

 

Triangle is highly complex formations and is easy to read in hindsight, but when developing is not that easy to decipher, so we will have to stay flexible and let the Market show us its hand before taking action.