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The first step to a strong drop

16 December 2015, USD/JPY

The pair made a step forward after completion of the downward momentum.

Therefore, this upward movement has a corrective nature.

The wave frames also changed.

We assume that impulse decline is represented by the wave i, rather than extension in the third wave as I thought before. Observed growth is caused by development of the corrective wave ii.

Thus, in the near future, we expect resumption of the impulse decline.

Previous deals were closed on profitable Stop orders, now I've opened a Sell trade based on expectation of the wave iii.

The first step to a strong drop

Vasiliy Lukin
FreshForex Analyst
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