Apologies to all Traders for missing the last 3 weeks. I've been really super busy. Before diving ourselves into the latest analysis let me remind you about the last events of December 2013:
FREE WEBINAR TODAY at 8pm AEST (Sydney Time). To participate CLICK HERE
ELLIOTT WAVE + WAVE OSCILLATOR BOOTCAMP in Sydney on Monday 16th. To participate CLICK HERE
USDJPY, New Top + Zig Zag
The USDJPY, now at 102.98, is close to a new top which should be followed by a Zig-Zag in 3 swings to 101.47.
first a bit up to the area 103.30-103.37
The 1-hour chart displays a nice a-b (wave b might not be completed yet). Wave b should be followed by wave c to 101.47 or lower.
Once the Zig Zag is completed the uptrend should resume to 105.30-105.60 as a minimum. This new top might not be broken for quite a while.
Check the wave oscillator in the daily/4-hour chart before taking any position.
weekly chart - click to enlarge
daily chart - click to enlarge
wave oscillator over the daily chart - click to enlarge
wave oscillator over the 4-hour chart - click to enlarge
1-hour chart - click to enlarge
wave oscillator over the 1-hour chart - click to enlarge