USDJPY Short: Wave 5 Break + Retest (Elliott Wave TCT)

Cập nhật
USDJPY has completed wave 3 of a potential 5 wave structure. The pair has broken a trendline to complete wave (i) of 5 and is retesting the trendline at the .618 retracement To add resistance, the 200 EMA and SMA lines sit above price and below the SL level. The daily pivot may also add resistance near entry. Entry is placed at 61.8% retracement with SL above wave 4 terminus and target at the 1=5 level. This setup yields a R/R of over 5.

Bearish Confluence:
  • Trendline break and retest
  • Pivot resistance
  • 200EMA Resistance
  • 200SMA Resistance
  • Possible wave (i) of 5 completion
  • Significant .618 fib level at entry
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Ghi chú
Moving along nicely. Updated wave count:
ảnh chụp nhanh
Ghi chú
Wave-C-of-(iv) complete:
ảnh chụp nhanh
1=5200smabreakoutcontinuationDaily PivotsElliott WaveExponential Moving Average (EMA)glennmercergmercerfxMoving Averagespivotpivotresistanceretestsma200TCTTrend Line BreakUSDJPYwavewavecountwaveswavetheory

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