Elliott wave analysis of EUR/JPY for November 20 – 2015
November 20, 2015 7:00 am
Wave summary:
We are currently working with two options. One is bullish and one is bearish. This point the have a fifty-fifty percent possibility of being correct. That said in both cases we should be looking for a rally towards 137.00 over coming weeks.
The deciding factor whether we will go with the bullish or bearish count comes down to the wave structure of this coming rally. If a five wave rally can be counted, we will go under the bullish scenario, while a three wave structure will call for the bearish scenario.But for now we should stay focused on the upside for a rally towards 137.00.
Trading recommendation:
We will buy EUR 131.25 or upon a break above 131.79. Stop will be placed at 130.50.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
We are currently working with two options. One is bullish and one is bearish. This point the have a fifty-fifty percent possibility of being correct. That said in both cases we should be looking for a rally towards 137.00 over coming weeks.
The deciding factor whether we will go with the bullish or bearish count comes down to the wave structure of this coming rally. If a five wave rally can be counted, we will go under the bullish scenario, while a three wave structure will call for the bearish scenario.But for now we should stay focused on the upside for a rally towards 137.00.
Trading recommendation:
We will buy EUR 131.25 or upon a break above 131.79. Stop will be placed at 130.50.
The material has been provided by InstaForex Company – www.instaforex.com
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