Elliott wave analysis of EUR/JPY for November 6 – 2015
November 6, 2015 8:10 am
Wave summary:
The failure to break below support at 131.58 indicates that the correction in wave (ii) still is unfolding as a flat correction and this calls for a new rally in wave c of (ii) closer to 133.55 before wave (ii) is over. Besides, the next impulsive decline should be expected.
Short-term minor resistance is found at 132.73 and above here indicates continuation higher to 133.55 in wave c.
Trading recommendation:
Our stop at 132.65 was hit for a small loss. We will sell EUR again at 133.50.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
The failure to break below support at 131.58 indicates that the correction in wave (ii) still is unfolding as a flat correction and this calls for a new rally in wave c of (ii) closer to 133.55 before wave (ii) is over. Besides, the next impulsive decline should be expected.
Short-term minor resistance is found at 132.73 and above here indicates continuation higher to 133.55 in wave c.
Trading recommendation:
Our stop at 132.65 was hit for a small loss. We will sell EUR again at 133.50.
The material has been provided by InstaForex Company – www.instaforex.com
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