Currency Market - Japanese Yen Highlight #6
Market pause projected.
(COMMENT # 663)
UPDATED 19980908
COMMENT 1998-663
1. The COMMENT which follows shows the September Japanese Yen.
2. This continues the discussion in COMMENT # 658 of yesterday.
3. The PATTERN shows what is expected to eventually occur in the SF (as regards the
breaking of the assumed "A" wave high).
4. The horizontal line shows the 50 percent retracement of the down move from 980210 to
980811 (see pages 185-7 of "The $upertrader's Reference Manual").
5. The line's just a little above "Point A".
6. This down move lasted 182 calendar days (1/2 year).
7. At the top of the chart, we take the "SQUARING" technique presented on the
bottom of page 187 of "The $upertrader's Reference Manual" and lay it on its
side.
8. The angles are created from a down channel trendline off "Point A" and its
symmetrical reflection drawn up from "Point A".
9. As drawn in the chart, the assumption is that the market is currently moving up in a
possible "C" wave.
10. Note that this "C" wave is much shorter than that reviewed yesterday in
COMMENT # 658.
11. Either way, as discussed yesterday, the market should be finishing up, or has just
finished, a 3rd wave up.
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