15-minute Elliott Wave within the 5th wave extension

Hello!

This is FX research and inquiry.

The late-summer heat is severe, isn’t it.


As the week starts, USD/JPY has turned positive, but we are currently confirming a 15-minute Elliott wave within the 5th wave extension of the 30-minute chart.

This time as well, we are using "MT4 Non-repainting Arrows and Email Alert N-curve Entry Indicator" to confirm the Elliott wave.



The figure above is the 30-minute Elliott wave for USD/JPY.

The 5th wave is extending (extending), isn’t it?


Within the 5th wave extension, a 15-minute Elliott wave is forming.



The figure above is the 15-minute Elliott wave formed within the 5th wave on the 30-minute USD/JPY chart.

If the 5th wave extends beyond the 3rd wave, we can confirm the formation of the Elliott wave on the 15-minute chart, but it has not yet reached that state.

However, since the starting value of the 1st wave of the 15-minute provisional Elliott wave is 109.238 and the second-wave low does not drop below it, but instead the third wave turns at 109.287, and the low of the 4th wave at 109.663 does not fall below the high of the 1st wave at 109.582 to trigger the 5th wave, there may still be upside in the near term.

If the 4th wave low of 109.663 is broken and the high of the 1st wave at 109.582 is broken, then the confirmation of the Elliott wave on the 15-minute chart will be deferred.


If a sudden event causes a temporary drop and a sharp rebound, it may be judged as noise.


Next plan: under the assumption of a bullish USD/JPY this week, on the 5-minute chart we will examine the points where the dashed horizontal lines appear when the N-shaped bullish reversal occurs without the preceding high from two bars earlier dropping below the low, and there are eight such lines.

In short, on the 5-minute chart it is difficult to confirm the formation of Elliott waves, but eight points where strong buying pressure supported a rebound without a deep pullback have been found.