Elliott wave analysis of EUR/JPY for June 3 – 2015
June 3, 2015 7:10 am
Technical summary:
The rally has been much stronger than we expected and we have changed our short-term count as the structure did not support our previous short-term forecast. This new count is more bullish and indicates that red wave iii is already developing. If this count is correct, the base-channel resistance line near 139.55 should be broken to the upside soon. We expect acceleration towards the first target at 144.03.
A large inverse S/H/S bottom has been triggered. It calls for a continuation higher towards 144.03.
Short-term support is found at 137.80 now.
Trading recommendation:
With this new much more bullish short-term count, we will buy EUR at 136.75 with a stop at 135.00.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
The rally has been much stronger than we expected and we have changed our short-term count as the structure did not support our previous short-term forecast. This new count is more bullish and indicates that red wave iii is already developing. If this count is correct, the base-channel resistance line near 139.55 should be broken to the upside soon. We expect acceleration towards the first target at 144.03.
A large inverse S/H/S bottom has been triggered. It calls for a continuation higher towards 144.03.
Short-term support is found at 137.80 now.
Trading recommendation:
With this new much more bullish short-term count, we will buy EUR at 136.75 with a stop at 135.00.
The material has been provided by InstaForex Company – www.instaforex.com
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