Formation of elongation in the third wave

05.08.2021

The most unexpected was the sharp rise in the dollar against the yen. The price was going down confidently within the development of wave (iii) of the downward impulse, but after a slight update of the local minimum, there was a sharp rise.

Perhaps this is due to the formation of an extension in wave (iii), and then, we will still expect a resumption of the downward movement. But to enter trades, you need to wait for the update of the current local minimum.

Investment idea: sell 108.70, stop loss 108.90, take profit 106.00.