 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Figure Y1. Wave counting on the daily chart. Variant 3-dt.
|
|
In the framework of the current scenario the whole correction [2] can be presented in the form of upward triple zigzag [w]-[x]-[y]-[x]-[z].
It isn’t ruled out that zigzag (z) of [2] is completed, i.e. the whole supposed correction [2] is completed. If this is the case in September one should expect progressive decline of the US dollar (the decline of USD/JPY).
Unfortunately the confirmatory levels of the current scenario haven’t been passed by the price yet. That’s why in this case the alternate variant of counting that allows further strengthening of the US dollar (the rise of USD/JPY; refer to Figure Y2, below) remains actual.
|
|
Figure Y2. Wave counting on the daily chart. Possible alternate.
|
|
In the framework of the alternate scenario it isn’t ruled out that upward narrow trend since the middle of July (wave A of (Y) of [2]) is only a part of the developing zigzag (Y) of [2]. In this case in September one should expect a shallow downward or horizontal retracement (wave B of (Y) of [2]) and further continuation of the US dollar’s strengthening (the rise of USD/JPY in the form of wave C of (Y) of [2]).
There remains for us to expect the confirmation of one of the scenarios.
|
|
Figure Y3. Wave counting on the weekly chart.
|
|
|
Figure Y4. Wave counting on the monthly chart.
|
|
The wave counting on the weekly and monthly charts hasn’t changed so far.
For more detailed wave counting on smaller time-frames and parameters of possible trading plans refer to daily reports.
Reference
Dmitry Voznuy
forDmitry@yahoo.com
August 31, 2008
When using any part of the article for publication or analytical materials reference to the author and Alpari is obligatory.
|
|
|
|
Learn more
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
+7 (495) 710-76-76
|
© 1998—2008 «Alpari» |
|
