USDJPY 15M short | 764 Fibonacci Entry | Evening Star

Candle Pattern: evening star
Trend: down
Trend Entry: with

TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20

Fib Entry: .764
Fib TP: .50
Stochastic: over-bought
MACD: down
200SMA: above
BB: n/a
Pivot Point: R5

Elliot Wave:
possible Wave 4 completion and the start of wave 5.
Wave 4 is at the edge of the wave 1 zone making for a high probability entry to the downside


Notes:

Entry placed at the .764 level at the R5 pivot point where 20 SL extends in the wave 1 zone

stochastic showing extreme overbought and momentum slowing down to the upside



What can go wrong:
crossing into wave 1 territory would invalidate the downside elliot wave trend and might actually be the start of a new elliot wave to the upside