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Remember this market has now completed a rally and decline to higher lows at three degrees of trend over the last six months.
I believe we are now on the cusp of a serious acceleration higher
the wave structure is closing out at a major degree,
with only very little room left to the upside to complete.
And a whole lot of empty space below us just begging to be filled!
After a few questions on the subject,
I thought I would lay out the general thesis I am working with in the current wave counts.
It does make sense when examined at a macro level.
The technical situation has brightened somewhat over the last few days.
The 4hr RSI is on the verge of a buy signal, in the form of a centreline cross to the upside.
All the little signs are falling into place right now.
The Elliott wave count was clear, a large rally was about to occur in USDJPY, and the world was oblivious to it.
On the 19th of April I wrote that USDJPY was nearing a very significant low
The price stood at 1.0880, and I was firmly bullish on the Dollar.
Tonight the price stands 400 points higher and nearing the end of the first phase of this new bull run.