Elliot Wave Analysis & Forecast – USDJPY - D1, 12th July, 2022
Red wave 3 is continue to complete its formation and prices are moving on its final leg towards 142-143 area. Once this Red wave 3 completed we will see correction in Red wave 4 towards 125 area. As Red wave 2 was in deep correction so we can expect that Red Wave 4 will be shallow or sideway.
If we look at lesser degree in red wave 3, blue wave 1 has formed by putting temporary top at 110.96 on 31 Mar, 2022 where correction started in blue wave 3 that placed a bottom @ 107.47 and blue wave 3 started, which was the larger wave, that completed @ 131.34. Blue wave 4 corrected to 126.34 on 24th May , 2022 and then we are seeing last wave of blue 5 which is expected to completed near 142 area.
Trade Recommendation : As prices are going in last wave, no trade recommended.
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