Elliott wave analysis of EUR/JPY for December 28, 2015
December 28, 2015 7:00 am
Wave summary:
Wave [ii] became a little bit deeper than expected, but following waves are allowed to correct 100% of the first wave, so it is not surprising that wave [ii] is 78.6% of wave [i]. With wave [ii] in place, we will now be looking for an acceleration higher to 135.07 to end wave [iii] calling for a shallow wave [iv] before the final rally higher to 135.67 in wave [v] of c of (ii) that should set a stage for the next powerful decline towards 126.10 and lower.
It will take an anticipated breakout below 131.00 to invalidate a call for a rally higher to 135.67 in wave [ii] indicating that wave (ii) is already ended at 134.59 and wave (iii) is developing lower to the area around 126.10.
Trading recommendation:
Our stop was hit. We will buy EUR again 132.17 with stop placed at 131.40 and we will place take profit + revers at 135.34
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
Wave [ii] became a little bit deeper than expected, but following waves are allowed to correct 100% of the first wave, so it is not surprising that wave [ii] is 78.6% of wave [i]. With wave [ii] in place, we will now be looking for an acceleration higher to 135.07 to end wave [iii] calling for a shallow wave [iv] before the final rally higher to 135.67 in wave [v] of c of (ii) that should set a stage for the next powerful decline towards 126.10 and lower.
It will take an anticipated breakout below 131.00 to invalidate a call for a rally higher to 135.67 in wave [ii] indicating that wave (ii) is already ended at 134.59 and wave (iii) is developing lower to the area around 126.10.
Trading recommendation:
Our stop was hit. We will buy EUR again 132.17 with stop placed at 131.40 and we will place take profit + revers at 135.34
The material has been provided by InstaForex Company – www.instaforex.com
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