Elliott wave analysis of EUR/JPY for December 21, 2015
December 21, 2015 6:30 am
Wave summary:
A big question is of cause whether wave (ii) ended at 134.59? We do think that the time-span for wave (ii) was rather short in comparison to wave (i), so ideally we will see more correction in wave (ii) closer to 135.97, where wave c is equal to wave a in length. That said, we have to be aware of the possibility that wave (ii) could already have terminated at 134.59 and wave (iii) lower towards at least 123.21 is unfolding. If wave (ii) has already terminated a breakout below support at 129.69 should be seen soon.
Trading recommendation:
We will buy on a breakout above 131.93 and place our stop at 130.93 for a rally towards 135.97
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
A big question is of cause whether wave (ii) ended at 134.59? We do think that the time-span for wave (ii) was rather short in comparison to wave (i), so ideally we will see more correction in wave (ii) closer to 135.97, where wave c is equal to wave a in length. That said, we have to be aware of the possibility that wave (ii) could already have terminated at 134.59 and wave (iii) lower towards at least 123.21 is unfolding. If wave (ii) has already terminated a breakout below support at 129.69 should be seen soon.
Trading recommendation:
We will buy on a breakout above 131.93 and place our stop at 130.93 for a rally towards 135.97
The material has been provided by InstaForex Company – www.instaforex.com
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