This is intended to be a forum for me to post chart ideas and hopefully receive feedback and stimulate discussion.It is not intended to constitute investment advice.
I do not usually chart the Nikkei, but did so today out of usdjpy interest. I think this is right. Bigger question (not shown) is whether this ends Wave 3 off the 2009 low or Wave 5. Hence, the green support at the would wave 4 targets (38.2 and 50 retraces because the wave 2 off the 2009 low was deep).
USDJPY is getting pounded today. FWIW.
ReplyDeleteMonthly USDJPY
The last three times this happened, the market did a 22%, a 20% and an 11.8% correction. The 11.8 % was the beginning of the 2007-2009 Bear.
Small Data Set
That is why I believe that we are going to do a 10-20% correction in equities, conservatively.
Peace.
I do not usually chart the Nikkei, but did so today out of usdjpy interest. I think this is right. Bigger question (not shown) is whether this ends Wave 3 off the 2009 low or Wave 5. Hence, the green support at the would wave 4 targets (38.2 and 50 retraces because the wave 2 off the 2009 low was deep).
ReplyDeleteLook at that bearish weekly candle right at the Wave 5 target!
FYI That looks like a bad print on the Nikkei Weekly candlestick as futures and other charts are not showing that.
ReplyDelete