5th Wave Within the Channel-Good Opportunity for Short 450pips!

OANDA:USDJPY   U.S. Dollar / Japanese Yen
Although Yen is losing momentum against other currencies in the past two months, but it's getting stronger against Dollar.

At higher TF, the price currently forming the handle of the cup where we can see the price moves in the channel since Dec 2016.

The price has just broken and retest the structure and now in its initial phase of the 5th Elliot wave .

The TP is valid because it remains above 0.618 fib level of the depth of the cup.

This is a long term idea.

All the best!


+1 Reply
Stethostrade Subrato-Nandi
@Subrato-Nandi, thank's man.
Good job
+1 Reply
bro its good to use eliott waves analysis but idont suggest to use it in forex it has itsown rules .use price action instead
Lovely analysis - trying to catch one of them drops today!
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