USD/JPY: Elliott waves (Feb. 17)
By Roman Petuchov
Daily. The pair keeps forming an ascending impulse wave (V).
Chart. Daily USD/JPY
H12. We are seeing the formation of the upward impulse. The pair has completed an impulse wave IV of this impulse.
Chart. H12 USD/JPY
H4. Wave IV took the form of beautiful and slim double Zigzag in line with our forecast. On the last section we have already seen growth in the wave  and the beginning of downward correction to the upward impulse . In the next 2 days the correction will continue. When the decline is complete, we’ll see a bullish market which can be quite powerful.
Chart. H4 USD/JPY