Today was a classic to remember. The gbpjpy diagonal triangle retracement on the 30 min chart was the swiftest I had seen in a very long while..... everything was there from the start - bottoming at the old 3 week low, then breaking the diagonal structure to the upside, coming back to the trendline to "kiss it good-bye" and then never look back for 6 big figures. it was so sick how fast that one happened yet so sweet. what was so great about that today - the counts had played out and shown light a very long time (by 1pm european time) before the FED, thus setting up a very nice buy on EVERYTHING. Power of waves at it's best. The FED only added half of the gains in GBPJPY. The media tomorrow will atribute all of the gains to the FED... We all here know it was more than just FED.

And EURJPY likewise played out the flat scenario I was talking about here for the last 4 days or so... bottoming today at the 158,8 and offering just the risk:reward I wanted when breaking up above the 159,15 level... I missed the move lower from 160,20, but this one I bagged.

BUT... putting aside the euphoria of victory, as we know "nadezda pogibaet poslednei" (or "hope dies last" in Russian). I still see a possible bearish resolution to this all from here, but that one cant take too long to unfold if it is to be at all..... What JohannS pointed out about EURUSD is critical for a bearish count, especially assuming the 1.5 year long trendline was hit in a wave which almost everyone here does label a fifth wave from 1,3826 or so today. I do give it a few more small subdivisions to unfold higher, but not much if the EURO wants me to consider a bearish outlook and not join ZEEV on the outright bullish side. There is some room for eurjpy, gbpjpy as well. But what a blow that would be though if we topped right after SUCH a FED?!?! As Thomson's IFR news stated after the cut - "This cut is enough a cut to show that the Fed does not want to go cutting more and does not want to see what happens if the cut doesn't work well enough. If 50 bps already at this point were needed "to promote modest growth", what would further cuts promote?" This cut not working out would be huge. But if the "doesn't work" alternative fails - I am joining zeev and following the frenzy. Can't beat the people buying, although we know, if we head higher from here - we head a lot lower from where we end this. It's gonna be sick one day...

Leaving u with the GBPJPY which today ended the long a-b-c-d-e triangle correction and shot higher. The long triangle being there after the initial rally from 219 makes me consider the bearish case still possible. Cause I never like triangles in second waves. They are more "b" waves or "4th" waves for me. The "2s" are usually the sharp ones. This here can't be a "4", but it sure can be a "B". So when this rally ends - there is a chance of an abrupt end. And the daily studies.... well... the last few days made them go back to very neutral... that is what I was looking for and did show last friday or in the weekend for the point where a reversal could strike. If they start rolling over - it might end the fun of buying.

Hope you had a nice day as well.

Good luck.

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