Elliott wave analysis of EUR/JPY for March 1 – 2016
March 1, 2016 7:30 am
Wave summary:
The break below the low of wave a at 122.42 has confirmed our suspicion that an expanded flat correction is unfolding. The normal relationship between wave a and b is that wave b becomes 138.2% longer than wave a, which calls for a decline in wave b to 121.43 before wave c higher takes over.
The normal wave relationship between wave a and c is that c become 161.8% the length of wave a, which indicates a rally in wave c to 125.63.
Trading recommendation:
We will buy EUR at 121.55 with stop placed at 121.00 or upon a break above 122.80 with a stop just below the most recent low.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
The break below the low of wave a at 122.42 has confirmed our suspicion that an expanded flat correction is unfolding. The normal relationship between wave a and b is that wave b becomes 138.2% longer than wave a, which calls for a decline in wave b to 121.43 before wave c higher takes over.
The normal wave relationship between wave a and c is that c become 161.8% the length of wave a, which indicates a rally in wave c to 125.63.
Trading recommendation:
We will buy EUR at 121.55 with stop placed at 121.00 or upon a break above 122.80 with a stop just below the most recent low.
The material has been provided by InstaForex Company – www.instaforex.com
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