Nov. 16th – USDJPY

  • Posted by Houssine
  • Date November 16, 2022

Unfortunately there are various ways we can label this chart. If the Triangle we used to turn bearish a few days ago is indeed correct, prices are due to continue higher. You can see those labels in black.
If on the other hand the top is in place, then the red labels may be the correct ones. If so, the expected recovery will be only a bearish rally that won’t last much… And these are only two of the most obvious counts we can see. There are other possibilities.

NOTE: Notice that the red triangle would correspond to a wave Y. Please check these labels carefully.

Houssine

Prof. Aldo Lagrutta is an awarded Certified Financial Technician from the International Federation of Technical Analysts and holds several financial market designations, including the coveted Certified Elliott Wave Analyst.

He is a also a member of the Society of Technical Analysis, holds the CFT’e and is a recipient of the Bronwen Wood Prize bestowed by the Society of Technical Analysis in London.

Prof. Aldo Lagrutta grew up as a music child prodigy and became the youngest Professor to teach in several universities and conservatories around the world. He performed for 2 decades as a concert guitarist in Europe, Africa, North and South America.