USD/JPY: Monthly Elliott Wave Analysis(double zigzag)
The pattern cannot be a triangle (3-3-3-3-3) because wave (a) has a five wave sub-structure. This rules out the triangle and flat types of corrections.
A double zigzag is formed because the first zigzag's wave (c) does not reach the target(past wave (a)), therefore, a WXY (double zigzag structure) is formed.
The second zigzag ABC (5-3-5) completes the double zigzag correction.
A double zigzag is formed because the first zigzag's wave (c) does not reach the target(past wave (a)), therefore, a WXY (double zigzag structure) is formed.
The second zigzag ABC (5-3-5) completes the double zigzag correction.
