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Saturday, November 29, 2014

Elliott Wave Analysis of USDJPY

Update to this chart i posted on StockTwits: http://stocktwits.com/message/29564320

Wave [iv] took on a slightly different pattern, but it held nicely above 117.00, I am still looking for a new high towards 119+ to complete what I believe is a 5 wave advance from the Oct 15th lows.

The RSI is showing some heavy divergence, which fits in with the idea of a 5th wave.

The trend from Oct 15th is getting stretched and i suspect its close to a significant reversal, initial targets are back to the 115 area.