How come no one is talking about the Yen carry-trade now? Why have all the news stories gone now about how this will disrupt the stock market? Yet back in my Aug18th post which you can view at this LINK, I said it was possible the Japanese Yen was making a contracting ending diagonal, and it may not have finished yet. Here is an update of that chart.
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| Yen (6J) Futures - Two-Weekly - Contracting Diagonal |
As you can see, a wave 4 did form that remained less in price than the corresponding wave 2. And now the only questions are: 1) will a new low form to perfect the diagonal, and 2) will it travel low enough to make a new low without becoming longer than the length of wave 3 in price? Certainly, with over 100 candles on the chart, the Elliott Wave Oscillator (EWO) is sketching out the typical diverging bottom waves. That is wonderful to see.
Time will tell, but the title of this post really refers to the fact that the currencies tend to trend well, and if a diagonal forms, it like means that an upward break may trend for quite a while. So, interested wave students should become familiar with measurements: how far is too far? What needs to break to consider the diagonal done?
Good questions for those interested.
Have an excellent start to the evening,
TraderJoe
I think in the spirit of.christmas or holiday, you should post a count before the markets open to help the lost souls like us. Now I am waiting for your observation abt if this is a c wave.or 😁
ReplyDeleteYou shouldn't be lost as I couldn't have been more explicit. Above the SPY 15-min EMA-34 is positive and below it is more negative. We've been above it all morning. But you couldn't know that until after the open. TJ
Deletereposting from last night regarding the current upmove : alternative is the c wave is i/ii and calls for a lot of strength?
ReplyDeletePossible 3rd...
DeleteIf a C we've hir measured bull flag target....
ReplyDeleteSPY 15-min: do we have an extended fifth wave within the much larger extended fifth wave? The extended wave here would be ⑤ of 'c' if the count is correct.
ReplyDeletehttps://www.tradingview.com/x/FnSW2LqT/
We have excellent time-alternation within a corrective wave if that's how it turns out,
TJ
SPY 1-min: anyone recognize this pattern at the very high today?
ReplyDeletehttps://www.tradingview.com/x/5rTxXdnc/
Gee.
TJ
i was looking at that right when you posted
Delete