Elliott wave analysis of EUR/JPY for August 20, 2018
August 20, 2018 4:22 am
The complex correction in wave iv/ continues to dominate the picture here. We continue to look for c/ of iv stretching a bit higher towards 127.94 before completing wave iv/ and turning lower to just below 124.89 to complete wave v/ of C of ii. Once this very complex correction in wave ii is complete a new impulsive rally is expected in wave iii. The impulsive rally in wave iii should ultimately break above 131.99.
At no point can a break below 124.59 be accepted under this count.
R3: 127.52
R2: 127.06
R1: 126.61
Pivot: 126.39
S1: 125.76
S2: 125.26
S3: 124.89
Trading recommendation:
We are long EUR from 126.25. We will raise our stop to 125.50. We will take half profit at 127.40 and wait for a new buying opportunity at 125.15.
The material has been provided by InstaForex Company – www.instaforex.com
The complex correction in wave iv/ continues to dominate the picture here. We continue to look for c/ of iv stretching a bit higher towards 127.94 before completing wave iv/ and turning lower to just below 124.89 to complete wave v/ of C of ii. Once this very complex correction in wave ii is complete a new impulsive rally is expected in wave iii. The impulsive rally in wave iii should ultimately break above 131.99.
At no point can a break below 124.59 be accepted under this count.
R3: 127.52
R2: 127.06
R1: 126.61
Pivot: 126.39
S1: 125.76
S2: 125.26
S3: 124.89
Trading recommendation:
We are long EUR from 126.25. We will raise our stop to 125.50. We will take half profit at 127.40 and wait for a new buying opportunity at 125.15.
The material has been provided by InstaForex Company – www.instaforex.com
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