USD/JPY 4 Hour chart

Here's what I'm looking for on USD/JPY. The reason I don't see a top yet is because of the 3 wave action of wave b of B. I was looking for a ending diagonal but since there are only 3 waves, I was forced to review the count.

Gold is clearing up

If wave C is counted correctly, we have eliminated 1 of the 3 scenarios. The 2 remaining scenarios are basicly the same, only thing that will make a difference is if price goes higher then wave B on the chart below. I've added this chart since i have a slight preference for this count since a break of the trendline should be enough to take price above wave b, thus eliminating the 3th scenario.

Gold is at an important level

We are at a point where we will know very soon what gold will do in the next couple of months. Here are 3 possibilities:

1: Ending Diagonal

From the high a zigzag is complete, where C = A at 860.80. It is very much possible that this is only wave A of the wave 2 correction.



2: Flat Correction, wave C

Wave 3 should finish below or near 860.80. For wave 4, price has to stay below the red line indicated on the chart below. A triangle wave 4 along the rising trendline would fit nicely in this count. The break of this trendline should be voilent and wave 5 would be extended, unless this action is all just wave 1 of C.




3: Flat Correction, wave C

Same like scenario 2 but wave 3 is extended and wave 1 of 3 is nearly finished. Price will run higher (wave 2 of 3) before breaking the rising trendline with a wave 3 of 3.

Gold 1 hour

Looking for wave 4 of 3 to end. Count is wrong if price gets above the black horizontal line.

Gold and USD/JPY

My attention goes to gold and usd/jpy at the moment. Gold is going down in a wave 3 of 3 and usd/jpy is almost at a possible end of a correction.