Annoying having to be asleep when all the action happens,
but fortunately I took out a big position on Eur.Jpy before
retiring as it looked more in reversal mode.
So we've had 5 purple waves down and 3 yellows up and since then (late July) we've hit a new low with a very powerful motive wave downwards. No significant retracement yet so I'm still counting it as a 1. What do you think?
Now usually 2 is a significant retracement so that would take it at least to 207 possibly 212. But then we'd be in a new 3 wave downwards and supposedley that would go a long long way down! Certainly right now its recovering from being very oversold so it needs to do that at least.
...Continuing with my EW weekend
"Preferably, I believed a truncated wave 5 (white or magenta) is already established and looking forward for a bullish reversal trend to perform a major corrective a,b and c. A valid triple bottom pattern and a further breakout to the upper green trend-line and critical line 1 would bolster this scenario. Otherwise a breakout to the bearish continuation line 7 would put this scenario in major doubt (yellow)."
See the Chit Chat thread for the chart (link below), but pop on yer sunnies first
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