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  • USD/JPY – Possible Elliott Wave Count and Implication

    From fxtimes.com

    Correction: We noted earlier in the week that the USD/JPY was getting into a bit of consolidation after finding resistance at 80.66. So far we have seen some strong developments, such as a 61.8% retracement of the latest bull swing from 79.27 to 80.66. We also lost bullish momentum in the very short-term as the 1H RSI dipped kissed 30. In fact the RSI shows some bearish momentum building. Corrective count: When we look at the structure of the correction, we see a possible completion of an A wave (impulse structure), and a B wave (corrective structure). If the US Dollar-Japanese Yen is indeed in a corrective mode, ... (full story)

  • #1
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  • Nov 7, 2012 10:03am Nov 7, 2012 10:03am
I disagree that your wave A is impulsive.

Do you have a subwave breakdown to clarify the impulsive-ness of that wave please... so I may see what I am missing.

Thank You.
  • #2
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  • Nov 7, 2012 12:31pm Nov 7, 2012 12:31pm
Elliot wave theory is like natural selection theory - unfalsifiable
  • #3
  • Quote
  • Edited 4:37am Nov 22, 2012 4:20am | Edited 4:37am
On the 4h chart, look like an expanded flat (a-b-c in yellow) which is the wave C in orange from a larger FLAT(daily), not an impulse.

http://www.2shared.com/photo/7qhcN6yP/usdjpy.html

There, it cannot be a 2 wave there because, in theory, the wave 2 cannot retrace wave 1 more than 61.8%, so it isn't an impulsive structure.
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  • Posted: Nov 7, 2012 7:41am
  • Submitted by:
     fxtimes
    Category: Technical Analysis
    Comments: 3  /  Views: 2,536