Simple idea. Labels are on the chart. Wave c of Y has exceeded 1.618 of wave a already. I think above 113.59 the model would be crashed. Entry above 113.60 Stop 112.55 (below the low) Target 118.66 (previous big top) Risk/Reward 1:4.76
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Entry level triggered
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15min view with possible wave count
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Corrections are unpredictable at the start and here is an updated 1h chart with new labeling. We finished flat stage in wave W. Next is three waves countertrend then I guess it will be a zigzag down - quick and dirty.
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Update 1H chart The correction appeared to be more simple than anticipated.
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The pair hit the 78.6% of wave 1 in wave 2 MACD shows divergence. Watch green line to breakup for reversal confirmation
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15 min update. Channel broken. Watch breakout above the green light
@IvanLabrie, I would wait the clear setup. Yen is not the only instrument. And by the way there is a risk it can reach 38.2% of 1-3 in wave 4 as Mizuki32 proposed.
aibek
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@IvanLabrie, Hey, maestro! Provident outlook you gave! ))) Have a good time!
IvanLabrie
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@aibek, I'm glad I've been buying gradually with a wide stop, I can now tighten my stop very soon.
aibek
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@IvanLabrie, A good idea to take care about the stop as it could be c of (B) and then a new zigzag downside to finish the correction. I will post my update in coming days to let you see what I mean.
aibek
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@aibek, because the structure doesn't look impulsive as we await wave 5