Looking at USD/JPY it may be entering the final leg of a correction toward the 0.618 retracement level and a good low risk shorting opportunity with a stop loss above the recent high at 113.249. If correction reaches the 0.618 levels then we may see a bullish 3rd wave.
A look at some of the waves:
Subwave 4 of 3 completing at the 0.382 level and an ABCDE triangle >
Subwave 2 of 5 and subwave 4 of 5 completing at the 0.5 and 0.382 levels respectively >
Subwave 5 of 5 hitting the 0.618 extension level perfectly to complete the impulsive move >
What appears to be a nicely formed WXYXZ correction >
Some more details below:
The ABC patterns for W and X >
Y wave ABC with ending diagonal for C wave >
X wave ABC >
B of Z hitting the 0.5 retracement level of A of Z with the 1.618 extension for C of Z lined up perfectly with the 0.618 overall retracement level >
A look at some of the waves:
Subwave 4 of 3 completing at the 0.382 level and an ABCDE triangle >
Subwave 2 of 5 and subwave 4 of 5 completing at the 0.5 and 0.382 levels respectively >
Subwave 5 of 5 hitting the 0.618 extension level perfectly to complete the impulsive move >
What appears to be a nicely formed WXYXZ correction >
The ABC patterns for W and X >
Y wave ABC with ending diagonal for C wave >
X wave ABC >
B of Z hitting the 0.5 retracement level of A of Z with the 1.618 extension for C of Z lined up perfectly with the 0.618 overall retracement level >
Kommentera:
The correction prior >
Looks like a giant ABC