USDJPY NEOWAVE ANALYSIS (DAILY)
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Experimental analysis with the intention to follow back later on as I am still learning
This pair really excites me. I do not know why, but it has stuck with me, so I thought I’d give this a try even though it should be considered low probability due to me going deep down to the daily.
As you can see, once wave F got over, we did get a very good 5-wave rally to complete wave A. Although i have no idea yet what wave A is a part of.
After the biggest daily drop since wave 2, we got some downwards movement which indicated that the rally up is over.
Now using logic and good reasoning when I think about this, it’s not possible for the downside movement to end so quickly after almost 2 months of upwards movement. Hence, I will take it to believe that the correction is still ongoing and the rally we are seeing right now is a strong B wave rally of a possible flat.
I do not know where wave B will end, although since I do consider it to be strong, I will expect it to completely retrace wave A. Once we know where wave B finishes, then only I could understand whether the C wave will completely retrace the B wave.
Any prior sell off before retracing wave A would mean that we're looking at a triangle correction
This pair really excites me. I do not know why, but it has stuck with me, so I thought I’d give this a try even though it should be considered low probability due to me going deep down to the daily.
As you can see, once wave F got over, we did get a very good 5-wave rally to complete wave A. Although i have no idea yet what wave A is a part of.
After the biggest daily drop since wave 2, we got some downwards movement which indicated that the rally up is over.
Now using logic and good reasoning when I think about this, it’s not possible for the downside movement to end so quickly after almost 2 months of upwards movement. Hence, I will take it to believe that the correction is still ongoing and the rally we are seeing right now is a strong B wave rally of a possible flat.
I do not know where wave B will end, although since I do consider it to be strong, I will expect it to completely retrace wave A. Once we know where wave B finishes, then only I could understand whether the C wave will completely retrace the B wave.
Any prior sell off before retracing wave A would mean that we're looking at a triangle correction
Ghi chú
As anticipated, wave B has fully retraced wave A.Giao dịch đang hoạt động
It appears wave B has concluded as expected; however, the correction looks more like a triangle than a flat due to the speed of wave B. In the coming week, we will move down to complete wave C. Note that wave C will be shorter than wave B, so do not expect it to fully retrace wave B. Watching the Fibonacci levels will be key. If the price breaks the high of wave B, the triangle is invalidated, and wave B is yet to finish.
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