USD/JPY - Wave E of the triangle is almost over

USD/JPY wave E of the triangle is almost over

Well the expectation of a bigger triangle unfolding has well founded and we are now well into the target-area between 101.81 - 102.20. As long as minor support at 101.70 protects the downside, we could still see a move closer to 102.20, but we are very close to a top now and should not expect to much more in regards to the upside.

Once wave E of the triangle is over we should see renewed downside pressure for a thrust out of the triangle towards the downside for a decline to at least 98.38.

Hey EWS,

I just wanted to thank you for posting your charts. They are of great help to me. Your charts are a great teaching aid for learning Elliott Wave.

Sublime Counts!
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