Has the Minor Correction Wave 4 Ended?

0 2,143

USDJPY2

The current USDJPY structure shows the construction of the final section of the global actionary wave y of the cycle degree. Wave y takes the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, which now includes the last sub-wave Ⓨ in the form of an intermediate zigzag.

On the current chart, we see the second half of the bullish impulse wave (C), consisting of five minor sub-waves.

Most likely, the first four parts of the impulse wave (C) have ended. In the near future, the pair could continue building a bullish impulse.

The end of the minor impulse 5 is likely around the level of 117.88, at which minor impulses 3 and 5 will be equal.

USDJPY1

However, there is a possibility that the minor correction wave 4 is still continuing its development. It has a horizontal internal ⓦ-ⓧ-ⓨ  double zigzag structure.

The minute intervening wave ⓧ has ended. As we can see, it is similar to the minuette triple zigzag (w)-(x)-(y)-(x)-(z).

Perhaps in the near future, we will observe a price drop in the minute actionary wave ⓨ. Most likely, the market could fall to the level of 113.39 and then bounce to complete the bullish minor wave 5.

Test your strategy on how the JPY will fare with Orbex - Open Your Account Now. 

START TRADING

or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

Leave A Reply

Your email address will not be published.