USDJPY. Wait The Break Of Corrective Structure

Simple idea.
Labels are on the chart.
Wave c of Y has exceeded 1.618 of wave a already.
I think above 113.59 the model would be crashed.
Entry above 113.60
Stop 112.55 (below the low)
Target 118.66 (previous big top)
Risk/Reward 1:4.76

Trade active

Entry level triggered

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15min view with possible wave count

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Corrections are unpredictable at the start and here is an updated 1h chart with new labeling.
We finished flat stage in wave W. Next is three waves countertrend then I guess it will be a zigzag down - quick and dirty.

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Update 1H chart
The correction appeared to be more simple than anticipated.

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The pair hit the 78.6% of wave 1 in wave 2
MACD shows divergence. Watch green line to breakup for reversal confirmation

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15 min update. Channel broken. Watch breakout above the green light

Trade closed: stop reached

aibek

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aibek