Just another note:
The Elliot wave also can be applied to the USDJPY monthly chart. The Elliot wave is made up of 5 mini waves, which stages I've highlighted in the chart above.
Usually, the final wave (5) tends to be stronger as by the commencement of wave 5, the buyers in the market (waves 2 and 4) have already been exhausted, leaving more selling power in the market.
If this were true, wave 5 might have good momentum in the run down towards to 90.
The Rate of Change component also point out that any buying in the previous months has lacked the strength to even come close to overturn the overall downward move, having been capped at the zero level and still heading downwards.
No comments:
Post a Comment