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Sunday, March 06, 2016 9:19:32 AM
UJ Weekly Chart
While I had time, I went back and finalized the long term count on the weekly UJ chart here.
The current setup shows we've just now hit a Wave 5 bottom in a larger Wave 5 progression. So the dead cat bounce we're seeing now is temporary. At best, we'll retest the neckline in the broken head and shoulders pattern at the peak. After that, UJ is very likely to drop all the way down to the 106 area which is the projected target for the H&S completion. That target also lines up very nicely with the large weekly 38.2 fib retrace of the entire move up.
So basically, the yen crosses might receive a slight bounce in the next week or so but they will tank nicely afterwards to hit new daily lows.
In the near term on the lower time frames, it looks like UJ still has at least one more quick daily low to make before it can set up a recovery bounce back to the neckline.
While I had time, I went back and finalized the long term count on the weekly UJ chart here.
The current setup shows we've just now hit a Wave 5 bottom in a larger Wave 5 progression. So the dead cat bounce we're seeing now is temporary. At best, we'll retest the neckline in the broken head and shoulders pattern at the peak. After that, UJ is very likely to drop all the way down to the 106 area which is the projected target for the H&S completion. That target also lines up very nicely with the large weekly 38.2 fib retrace of the entire move up.
So basically, the yen crosses might receive a slight bounce in the next week or so but they will tank nicely afterwards to hit new daily lows.
In the near term on the lower time frames, it looks like UJ still has at least one more quick daily low to make before it can set up a recovery bounce back to the neckline.
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