USD/JPY: possible alternative patterns to go short
I'm short off the butterfly (pink) but we could also draw a cypher (green) or a bat (blue).
As far as my (still limited, don't take my word on it!!) knowledge of EW analysis goes I believe we could have finished minor wave 3 of intermediate A when the butterfly completed (if I take the end of intermediate wave 5 to be at the bat A point).
Wave 2 was sharp so 4 has more chance to be flat and/or complex.
Waiting to see if minor wave 4 ends at a channel/fib crossing to possibly predict the end of minor wave 5 of intermediate A. This should also give more clues as to where SL should be to trade the bat...
As far as my (still limited, don't take my word on it!!) knowledge of EW analysis goes I believe we could have finished minor wave 3 of intermediate A when the butterfly completed (if I take the end of intermediate wave 5 to be at the bat A point).
Wave 2 was sharp so 4 has more chance to be flat and/or complex.
Waiting to see if minor wave 4 ends at a channel/fib crossing to possibly predict the end of minor wave 5 of intermediate A. This should also give more clues as to where SL should be to trade the bat...
