Here is my 30 minute Ending Diagonal count for the USD/JPY pair. The pair may have topped out and completed a large correction at the recent high at 93.64. The series of 3 wave moves from 92.20 fits perfectly with an ED patten, so even if this correction isn't over and we are going to consolidate for longer, it is likely that price will fall to at least the 92.20 level as it is the norm for ED's to retrace to at least the level of their point of origin. I believe we are soon going to see an acceleration to the downside in a push well below the wave 1 low at 88. I have taken a short from 93.50 with a stop just above the high. If you are going to get in on this trade keep your stop at 93.65.
No comments:
Post a Comment