Jamie's Pick: 03/27/12
Many analysts and traders, new and experienced alike, tend to overcomplicate Elliott wave analysis to the point of paralysis. The most important observations are usually the most basic, such as identification of 3 and 5 wave movements. A 3 wave movement indicates corrective movement and will probably be retraced (there are no certainties). The USDJPY decline from the top is in 3 waves. The low was identified in real time via Twitter @JamieSaettele last week. Stops can be moved up to 8260 and the objective is a new high.
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Jamie is the author of Sentiment in the Forex Market.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.