Here is a 4 hour chart of the USD/JPY. The recent move down could be a wave 4 complete, or the pair may consolidate in a triangle before further upside. It is also quite possible that what I have marked as iii, should be marked as 3, and a wave 4 flat is complete or near completion. I have marked in blue the entire price movement of wave 1. As you can see wave 3 is only slightly larger than wave 1. This builds a strong case for an extended wave 5. Look to get long with a stop below the wave 1 extreme at 90.77.
Looks interesting. Do you think this 5-wave pattern is actually part of a larger Bullish Wave-1
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