Elliott wave analysis of EUR/JPY for November 28 – 2014
November 28, 2014 4:10 pm
Technical summary:
Our preferred count is still calling for a move lower soon, but the failure to break clearly lower does open for an alternative count calling for a rally past resistance at 147.42 calling for wave b higher towards 148.20 before wave b is over and wave c will be ready to take over for a decline towards 143.88. As long as resistance at 147.42 protects the upside, we will be looking for signs of a wave c lower, but only a break below support at 146.69 will confirm that wave c is developing.
Trading recommendation:
We are short in EUR from 146.90 with with stop at 147.50. If our stop is taken out, we will sell EUR again at 148.10 with stop at 149.25.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
Our preferred count is still calling for a move lower soon, but the failure to break clearly lower does open for an alternative count calling for a rally past resistance at 147.42 calling for wave b higher towards 148.20 before wave b is over and wave c will be ready to take over for a decline towards 143.88. As long as resistance at 147.42 protects the upside, we will be looking for signs of a wave c lower, but only a break below support at 146.69 will confirm that wave c is developing.
Trading recommendation:
We are short in EUR from 146.90 with with stop at 147.50. If our stop is taken out, we will sell EUR again at 148.10 with stop at 149.25.
The material has been provided by InstaForex Company – www.instaforex.com
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