USD/JPY - Topped or is one final new high needed?

USD/JPY - Ending diagonal to a new high for the year

USD/JPY has it topped or is a final new high needed?

The break below 119.19 indicated that a top could be in place at 122.02 and a correction of the entire rally since the 75.56 low is developing. That said, we have to acknowledge that one impulsive structure does allow for overlapping waves and that’s the ending diagonal. If this alternate count is unfolding, we still need one final rally to new highs just above the 122.02 high and likely not above 123.52 before the major correction takes over. 

To confirm the top is already in place a break below support at 118.30 and more importantly a break below 115.83 is needed. 

 

Felipe
2014-05-26
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Felipe
JT
2014-06-23
Its been a pleasure over the years I have been following you and even better as a member the education you provide in my view is invaluable you can read books as I have but to see how you evolve your ...
Hani
2014-06-06
I have been a fan of you blog for several years!
I am so impressed at your renewal.
Elliott wave analysis is so difficult to me, but so interesting and useful.

Thank you
Hani