11 3月 2016, USD/JPY
On the weekly timeframe situation is more clear.
We assume that the impulse growth began in 2011. Then a decline began that probably has a corrective nature and takes the form of a double zigzag.
This zigzag is forming the wave [c].
To make zigzag take its final shape, the price has to drop, because the wave [c] clearly shows desire to be formed in the impulse form.
And then we expect movement of the price in the way it is showed in the chart below.
On the 4 hour chart shows the wave [iv] to be completed - it took shape of horizontal triangle.
Now, however, we expect resumption of the impulse drop.
For this reason, I opened a sell trade with a Stop Loss beig put at the local High.
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