Well it has been going up some and the yearly trend line is way below. The ride down on the left hand side of the chart had been impulsive and thus far, not enough evidence to suggest this is not a corrective move overall but clearly bullish for now. The 'c' leg up in proposed 'A' is not complete but the SMI cluster is begging for some relief. No need to chase this from here to the upside me thinks.
The monthly trend and My-Wave is as clean as a whistle but the SMI's look like some relief in the monthly trend at least is now occurring. Would be interested in buying again around 90.00 at the monthly trend line, if the SMI cluster looks bottomed out.
The weekly trend is under pressure here and possibly in 'b' of an 'abc' down in the prior monthly wave. I am not going to sell USDJPY, so looking for that 90.00 zone in due course and follow the wave count down.
The intraday set up was bearish on Friday and that flip flopping wave action looks like the 'b' wave is playing out. But just observing this for now.
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