Elliott wave analysis of EUR/JPY for December 23 – 2015
December 23, 2015 8:30 am
Wave summary:
We have most likely seen wave [i] of c end at 132.78 and is currently in the later part of wave [ii], which is expected to terminate near 132.10 for the next impulsive rally closer to 134.91 in wave [iii] before the next consolidation is expected in wave [iv].
As we are looking for a second wave correction, we will have to remember that they often become very deep and correct most of the first wave, so even if we see a break below 132.10 that doesn’t alter our expectation of a continuation higher towards 135.34
Trading recommendation:
We are long EUR from 131.95 and will lift our stop to break-even.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
We have most likely seen wave [i] of c end at 132.78 and is currently in the later part of wave [ii], which is expected to terminate near 132.10 for the next impulsive rally closer to 134.91 in wave [iii] before the next consolidation is expected in wave [iv].
As we are looking for a second wave correction, we will have to remember that they often become very deep and correct most of the first wave, so even if we see a break below 132.10 that doesn’t alter our expectation of a continuation higher towards 135.34
Trading recommendation:
We are long EUR from 131.95 and will lift our stop to break-even.
The material has been provided by InstaForex Company – www.instaforex.com
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