Dollar/Yen in the daily frame :
The bearish expanding diagonal since last June, denoting by its Minor-degree subdivisions, has corrected to the Fibonacci 0.5 retracement level so far.
Have A Nice Weekend!
— E.C. Author
Bearish Outlook :
With respect to the bearish diagonal (A), as a five-wave structure down of Intermediate degree, the early-June high should remains intact as the high extreme of the advance since November 2011.
Note : Following a trend by a leading diagonal in opposite direction, indicates a trend revarsal.
Today’s decline in Cable would suggest to resume the downtrend, in Minuette-degree wave (v) against 1.4413.
The outlook still remains bearish, in extending of the third waves extension.
Today, sharp selloff in Euro would suggest to register the extreme point of Minor-degree wave 4 at 1. 09675. The ultimate decline in Minor-degree wave 5 should have resumed.
The adjusted target for current decline is 1.03405, where the Minor-degree first and fifth waves are equal.
The bullish diagonal in Minute-degree wave ((i)) of fifth wave, would likely lead to an impulsive advance in the same degree wave ((iii)).
The Minute-degree third wave could well achieve the 1.618 Fibonacci expansion level at 102.56.
Bullish Outlook :
There is no change on the U.S. Dollar in weekly frame, As denoted by the labels a final advance in Minor-degree fifth wave of Intermediate wave (5) is expected yet.
The ultimate target based on this bullish count could well be around 104.02.
After consolidating for straight weeks in Euro, as Minor wave 4 triangle, an ultimate decline in Minor wave 5 should ensue now.
With respect to this bearish count, the extreme high of the triangle at 1.10596 must hold. The expected target is 1.03302, where the Minor-degree first and fifth waves are equal.