Tom, thanks for your comment. In the following comment, which of the eight or so different scales of waves are you refering to?
"New to the Elliot Wave theory but am wondering is the Eur/Jpy beginning wave 4 down then wave 5 up. Or is it just a small retracement on wave 3.
Thanks, Tom"
I suspect that you are refering to the trend that began on November 2. We may have reached the top of that trend, but a careful study suggests that we are trading wave 4 down, and that the reversal price will be about 150.50, followed by another upwards impulse wave - Wave 5 up to a new high at about 152.50 or so. On the other hand, Wave 3 may not be finished, and this will then be a smaller retracement, which may not go down much further than we have already witnessed. The conservative trader might want to exit their position and wait for a clarification of the wave count, and another better entry opportunity higher up, or at the bottom of a large correction. We should monitor this situation carefully.
"New to the Elliot Wave theory but am wondering is the Eur/Jpy beginning wave 4 down then wave 5 up. Or is it just a small retracement on wave 3.
Thanks, Tom"
I suspect that you are refering to the trend that began on November 2. We may have reached the top of that trend, but a careful study suggests that we are trading wave 4 down, and that the reversal price will be about 150.50, followed by another upwards impulse wave - Wave 5 up to a new high at about 152.50 or so. On the other hand, Wave 3 may not be finished, and this will then be a smaller retracement, which may not go down much further than we have already witnessed. The conservative trader might want to exit their position and wait for a clarification of the wave count, and another better entry opportunity higher up, or at the bottom of a large correction. We should monitor this situation carefully.