USDJPY: "Sneaky" Wave 4 Managed to Trap Us Again!

USDJPY: "Sneaky" Wave 4 Managed to Trap Us Again!

28 April 2016, 11:12
AynGannRand
0
107

We as Elliotticians "fear" one thing: Wave 4. It is the hardest thing to be determined, especially when it begins and when it ends. Wave 4 takes many forms and usually is observed to always be the complex one (complex zig-zag, triangle, 7s, 11s or 13s structures).

We were heavily short in USDJPY, USD/JPY: Short Swing going as planned, and we had a target of 106 for a cycle completion. It turned out that wave 3 in the daily chart extended more (see updated chart below & compare with previous article's chart).

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