USDJPY finally broke to the upside
yesterday, above former swing high but rally has then stopped at 99.40 from
where we have seen a sharp almost 200 pip fall. If we take a closer look now on
whole rally from 96.55 then we can see that recovery has unfolded only in three
legs which is bearish structure that is pointing now lower, back to 96.55,
especially once lower support line of a corrective channel gives way.
USDJPY Elliott Wave 4h
Elliott Wave Education: Zig Zag Pattern
A zig-zag has a 3 sub-wave structure
labeled A-B-C. Generally Zig Zag moves counter to the larger trend. Zig-zag is
one of the most common corrective Elliott wave patterns.
•
5-3-5 Sub-wave structure
•
Wave A must be a motive wave
•
Wave B can only be a corrective
pattern
•
Wave B must be shorter than
wave A by price distance
•
Wave C must be a motive wave.
•
It appears in wave two or four
in an impulse, wave B in an A-B-C, wave X in a double or triple zig-zag, or
wave Y in a triple threes
Written by www.ew-forecast.com
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