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We are providing technical analyzes for the financial markets and how they behave based on the Elliott Wave Principle. The Elliott Wave Principle gives you a method for identifying at what points a market is most likely to turn. And that, in turn, gives you guidance as to where you might enter... More
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  • Elliott Wave Forecast: USDJPY Is Trapped In A Triangle Within Larger Uptrend 0 comments
    Aug 14, 2013 4:16 AM

    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.

    If you are interested in our analysis then you can try us absolutely FREE FOR 7 DAYS!

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    (click to enlarge)

    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

    If you are interested in our analysis then you can try us absolutely FREE FOR 7 DAYS!

    Visit http://www.ew-forecast.com/service/ for more details.

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