USDJPY

I've decided to close this short at 79.90, just above the 23.6% Fib:



dl.dropbox.com/u/20815047/USDJPYdaily06_11_12.gif

My reason is that I've noticed that most correction down to the 38.2% Fib start their wave B up from the 23.6% one. It also ties in with the expected trendline bounce in EURJPY. I will look to short both of these again higher up as I still think that they've got further to fall. My ultimate short target for USDJPY remains 70.50 as this is close to the 38.2% Fib (of my wave 3), plus support from 79.47.

All IMHO etc

Looks like I've missed that as it bounced off 79.93. I'll now leave it open as if it gets back down to there it ought to go through. It's a free trade and my stop is at b/e.

I got lucky on this today as I forgot to delete my buy order to close my short at 79.90 so it got triggered in the sharp drop first thing this morning. I managed to re-open the short just below the hourly downtrend line (80.37) at 80.25.

I'm still looking for around the 79.50 mark for this.

This is now close to my target for my short:



dl.dropbox.com/u/20815047/USDJPYdaily08_11_12.gif

I'm closing the short at 79.58 and going long with a stop below 79.24 which should have been the low of wave 4 of one lesser degree assuming the wave count is correct. This will be a test to see if it is.

Liking this now Jackozy

Wave 4 bottom hit (slight overlap of wave 1 high) with a delightful Doji
RSI uptrend intact
Bounced from trendline of wave 2 bottom


Target 80.5 and 82.6

screencast.com/t/VMkRQ7c82

RMc

Rossymc, I thought that wave 4 cant overlap wave 1 in an impulse, I am not sure but maybe this is a corrective wave.

this is from Comprehensive course on the Elliot wave principle.

Impulse
The most common motive wave is an impulse. In an impulse, wave 4 does not enter the territory of (i.e.,
"overlap") wave 1.