Elliott wave analysis of EUR/JPY for April 4, 2017
April 4, 2017 1:14 pm
Wave summary:
With the break below 118.19 the possible triangle count has been invalidated and instead a complex double zigzag correction now is the preferred count. This count calls for a little more downside into the 116.83 – 116.99 area to complete wave (iv) and setting the stage for a possible new impulsive rally in wave (v) to above 124.09.
In the short term the former support at 118.19 now acts as resistance.
R3: 119.05
R2: 118.50
R1: 118.10
Pivot: 117.85
S1: 117.39
S2: 116.99
S3: 116.83
Trading recommendation:
Our long position from 118.75 was stop at 118.00. We will re-buy EUR at 117.05
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
With the break below 118.19 the possible triangle count has been invalidated and instead a complex double zigzag correction now is the preferred count. This count calls for a little more downside into the 116.83 – 116.99 area to complete wave (iv) and setting the stage for a possible new impulsive rally in wave (v) to above 124.09.
In the short term the former support at 118.19 now acts as resistance.
R3: 119.05
R2: 118.50
R1: 118.10
Pivot: 117.85
S1: 117.39
S2: 116.99
S3: 116.83
Trading recommendation:
Our long position from 118.75 was stop at 118.00. We will re-buy EUR at 117.05
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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