USDJPY Short-term Elliott Wave Analysis 11.8.2016

Best reading of Elliott wave cycles suggests that cycle from 8/18 low is unfolding as 5 waves where wave (3) ended at 105.53 and wave (4) ended at 102.53. Wave (5) has resumed higher and internal of wave (5) is unfolding as a zigzag where wave A has enough number of swing and extension to be called completed although a marginal high can not be ruled out towards 104.78 – 105.08. Once wave A is complete, expect a wave B pullback in 3, 7, or 11 swing to correct cycle from 11/3 low before pair resumes higher again towards 106 – 108 area.

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