USDJPY - bearish wave count

Oct 8, 2016

On this count at least it would suggest that there is more downside in store for USDJPY after perhaps a little more to the upside.. As with any Elliott wave count and especially for a correction, counts can change quickly so I would definitely be waiting for some downside price action before deciding that this pair has embarked on wave 3 of wave 5. If it doesn't turn to the downside soon it would suggest that there is more correction to come (or my count is wrong). I have included the pitchfork as, to me, they can be useful in showing levels of channel resistance and support. In this case it bounced perfectly off the median line.