Elliott wave analysis of EUR/JPY for October 16, 2015
October 16, 2015 6:50 am
Wave summary:
A strong decline from 136.46 has invalidated a bullish call and that leaves us with a huge triangle pattern from 126.05. There is no way this could be a bullish triangle, which means we shall be looking for a downside thrust eventually. A break below important support at 133.11 confirms the downside thrust and ultimately a decline below a low of 126.05.
This is the way corrections work. A perfect bullish count is likely to be destroyed next day, and everything turns upside down.
Trading recommendation:
Our stop at 135.90 was hit for a nice little profit. We will no be looking for a EUR selling opportunity with a stop set at 136.80.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
A strong decline from 136.46 has invalidated a bullish call and that leaves us with a huge triangle pattern from 126.05. There is no way this could be a bullish triangle, which means we shall be looking for a downside thrust eventually. A break below important support at 133.11 confirms the downside thrust and ultimately a decline below a low of 126.05.
This is the way corrections work. A perfect bullish count is likely to be destroyed next day, and everything turns upside down.
Trading recommendation:
Our stop at 135.90 was hit for a nice little profit. We will no be looking for a EUR selling opportunity with a stop set at 136.80.
The material has been provided by InstaForex Company – www.instaforex.com
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