USDJPY complete cycle Elliot wave analysis.
The grand cycle started at 147.7 till 75.5 = ((V)). A huge correction .
The Initial half looks like a descending triangle. And we could do the elliot labelling differently.
But When we marked ((0)), from where we started, so the way the labeling happened is little different. But felt that is ok as we need to do the markings based on the current visible area and can correct the labeling when the large picture is out may be after 10-20 years. Current marking hold good.
The travel from ((0)) to ((V)) is a huge amount of correction. Possibly we will tell it complex correction.
Then the upward movement started to reach ((A)) = 125.698. Then a symmetrical triangle correction happend. This looks like a cup and handle pattern.
It looks it is going to go for an uptrend. But that will be confirmed in coming days.
If the price goes up , we target 126.1 as our target 1.
From Elliot wave perspective, we can assume we are going to make the ((C)) little above our T1. So if it goes above/breaksout our T1, then we can travel till ((C)) = 136.8.
The grand cycle started at 147.7 till 75.5 = ((V)). A huge correction .
The Initial half looks like a descending triangle. And we could do the elliot labelling differently.
But When we marked ((0)), from where we started, so the way the labeling happened is little different. But felt that is ok as we need to do the markings based on the current visible area and can correct the labeling when the large picture is out may be after 10-20 years. Current marking hold good.
The travel from ((0)) to ((V)) is a huge amount of correction. Possibly we will tell it complex correction.
Then the upward movement started to reach ((A)) = 125.698. Then a symmetrical triangle correction happend. This looks like a cup and handle pattern.
It looks it is going to go for an uptrend. But that will be confirmed in coming days.
If the price goes up , we target 126.1 as our target 1.
From Elliot wave perspective, we can assume we are going to make the ((C)) little above our T1. So if it goes above/breaksout our T1, then we can travel till ((C)) = 136.8.