USDJPY--Wednesday, January 13, 2010
We find a 3 wave corrective pattern beginning at the low on November 26th of last year and ending with the top made on the first trading day of 2010. The third wave, labeled as Z on the chart below, took almost 3 times as long to unfold as the initial X wave up--yet they are equal in length.
An 8 hour chart:
While there has been a higher high since that 93.20 high on January 4th, it can be seen as the 2nd wave in an irregular corrective move to the downside.
On the following 2 hour chart one can see how the 3rd wave of this minor correction (to the the larger corrective move) ends at a level exactly 1.272 times the distance of the initial wave.
There is an additional interesting symmetry in the irregular (y) wave. It also involves the minor Fibonacci ratio of 1.272, ending 1.272 times the length of the (x) wave (as figured from its beginning).
Thus we have an initial corrective move down, and then a widening corrective move in 2 larger waves, each of which has a 1.272 relationship with the original (x) wave.