This post is in continuation of the analysis of USD/JPY done on 16/2/2015. As postulated then, there is a likelihood that USD/JPY is in an extended 5th wave since Sep-Oct 2013. This probability is still valid. The chart below shows the Elliott wave counts. I have not shown the minor counts for the blue wave v. Wave v (blue) and hence wave 5 (red) may already be complete in June or USD/JPY may be in the final leg of completing it. The purpose of this blog is to recognize the current trend and any possible change in the trend. And from that perspective there is a likelihood that the present uptrend is nearing completion. If this indeed is the extended fifth than the correction would be fast and deep.
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