Saturday, June 13, 2009

USD/JPY 1 Hour

Here's a close up of the wave D of the bigger triangle. Looks like price is in a small wave 4 ( of C ) triangle. There is a possibility that wave D is complete allready, instead of counting it as an ABC, I would count it as a WXY, where the latest high (indicated on the chart below as wave 3) would be the end of wave D. In other words, this pair is topping with a good possibility of 1 more high. After this "top" price should delcine one more time (wave E) to finish the big triangle.

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