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Elliott Wave Forecast: USDJPY Is Trapped In A Triangle Within Larger Uptrend

USDJPY found a support in this week around 95-96 level as expected from where sharp rally suggests that market accomplished wave C) of a triangle and that price is now moving higher in wave D), still only fourth leg within complex correction. But we need 5 of them, so be aware of more choppy and overlapping price action in 95.80-101.50 range in days ahead before market breaks to the upside.

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What is a triangle in Elliott Wave Theory?

A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.

• structure is 3-3-3-3-3
• each subwave of a triangle is ussaly a zig-zag
• wave E must end in the price territory of wave A
• one subwave of a triangle usually has a much more complex structure than others subwaves
• appears in wave four in an impulse, wave B in an A-B-C, wave X or wave Y in a double threes, wave X or wave Z in a tripl

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