WaveTrack International

Elliott Wave Financial Price Forecasting

USD vs YEN | Perfect Fib-Price-Ratio Harmonics!

by WaveTrack International| January 9, 2015 | No Comments

Following Tuesday’s US$/Yen’s reversal-signature from the corrective low at 11806, the larger uptrend developing from the mid-Dec.’14 low of 11556 continues higher. This next sequence of the advance from 11806 ran into short-term resistance during Thursday’s session at 11997 but the overnight sell-off into early trading Friday is again showing itself unfolding into a classical Elliott Wave corrective pattern, in this case, a double zig zag – see chart.

USD/YEN | Perfect Fib-Price-Ratio Harmonics!

USD vs YEN | Perfect Fib-Price-Ratio Harmonics!

The double zig zag is labelled (a)-(b)-(c)-(x)-(a)-(b)-(c) and assigned sub-minuette degree according to our proprietary nomenclature, but the important aspect that defines the double zig zag is the initial three price-swings contained in the first zig zag ending at 11938 and then a deep corrective rally as wave (x) that overlaps the initial decline of wave (a). This ensures this pattern as a correction within an established uptrend and not part of a five wave impulse downtrend.

And to confirm the double zig zag pattern, from wave (x)’s high at 11987, another three wave pattern unfolded downwards, ending at 11917. Importantly, fib-price-ratio measurements confirm its completion at 11917 – one of the more common geometric ratios can be used by extending the first (a)-(b)-(c) zig zag to 11938 by a fib. 38.2% ratio – this projects to the exact low at 11917. From this, we can determine that a short-term corrective downswing has ended, with the larger/aggregate uptrend now set to resume.

Category: Currencies, Elliott Wave, Elliott Wave Charts, Elliott Wave Patterns, Elliott Wave Principle, fib-price-ratio, Fibonacci Trading, FX, Ralph Nelson Elliott, USD/YEN, WaveTrack International
Tags:

Comments

About WTI

WaveTrack International is a financial price forecasting company dedicated to the Elliott Wave principle and work of the R.N. Elliott. Clients include Investment Banks, Pension Funds, Total/Absolute-Return/Hedge Funds, Sovereign Wealth Funds, Corporate and Market-Making/Trading institutions and informed individuals -- & just about anyone who is affected by directional price change.

Subscribe to our feed

WTI Links

Search