Last month, I recommended a long position for USD/JPY with a target price of 112.40. This is based on the ABC correction pattern of Elliott Wave theory.
Today, let's take a look at the time and how I estimated the time duration. It is based on Gann's theory of Price equal Time.
If you look at the A leg of the EW. It began on 20 Aug 2100. and reached a high on 29th Aug 0900. That was 7.5 days.
If you look at the B leg of the EW. It ended on 6 Sep 1700. That was about 6.5 days.
If you look at C leg, it should be about 6-7 days.
Today is the 7th day. Today we should see 112.40. If it falls short of price, the time is weak. It could also extend. I will talk about the time cycle component another time.
Let's see if price will reach 112.40 today or tomorrow.
Today, let's take a look at the time and how I estimated the time duration. It is based on Gann's theory of Price equal Time.
If you look at the A leg of the EW. It began on 20 Aug 2100. and reached a high on 29th Aug 0900. That was 7.5 days.
If you look at the B leg of the EW. It ended on 6 Sep 1700. That was about 6.5 days.
If you look at C leg, it should be about 6-7 days.
Today is the 7th day. Today we should see 112.40. If it falls short of price, the time is weak. It could also extend. I will talk about the time cycle component another time.
Let's see if price will reach 112.40 today or tomorrow.
