USDJPY MegaPhone pattern: Follow up
מעודכן
I posted the UJ Megaphone pattern yesterday, wondering what might happen 
This is a follow up:
It broke upwards today based on various economic news.
Now it looks like a 5 wave impulse whose wave 3 pushed out of the pattern.
So I am thinking of two possible paths to finish the 5 waves up.
This is a follow up:
It broke upwards today based on various economic news.
Now it looks like a 5 wave impulse whose wave 3 pushed out of the pattern.
So I am thinking of two possible paths to finish the 5 waves up.
הערה
Here we are, at first possible bounce zone Close up, looks to want a bounce
הערה
UJ bounced at my first (most bullish) possible bounce point But I am not sure if that was ''THE'' bounce. The higher high is convincing, and the methodical test of each line above is also convincing. None the less, I wonder if a test of the top of MegaFone is reequired or not
So I set my SL at 111.894 (just below 111.9 round) in case it does come back to test the TL
Next, drawing a fib on just wave 3, we see the bounce was at the .236 retrace. The other common retrace of wave 4 is to the .382. Thus my two entry points still fit perfectly
All of the above was Friday action, so I do downplay the importance a bit as end of week balancing by banks and funds can cause PA that does not care about TA. So I await market open after the weekend to further gauge the possibilities for this trade.
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Still on the path, after a slight detour. Almost had that wave 5 going, until Trump and China caused another dip and strong bounce.
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First target zone hit I think it has momentum to hit second zone, maybe after slight pullback
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Slithering along the ceiling it seems. But rather than ignore the spike, I choose to Fib it. And it seems the 1.382 extension of that spike is being defined quite precisely
Pulling back a bit, and looking at both fibs of wave 5, it sure looks like a possible end of the 5.
. will update as time permits
הערה
wow, a tiny megaphone within the big one. Gotta luv fractalsהערה
Continuing from this pic about possible end of wave 5 Bulls pushed past the local fibs, and even pierced the higher tf fib zone in red
Getting back to the bigger picture. Wave 5 may well have ended, with a precise tap of the 2.382 fib. Interestingly, wave 4 ended the 1.5 fib extension, not common.
However, it is actually possible that there is one more leg up to be finished. The larger wave 5 (blue) has not shows 5 sub waves of its own. So I wonder if we can still get to the next resistance
הערה
Both targets hit.Close most of position, letting a small portion ride with trailing stop
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