Elliott wave analysis of EUR/JPY for March 29 – 2018
March 29, 2018 8:24 am
We continue to look for a final spike closer to resistance at 132.85 to complete wave B and set the stage for the final decline in wave C closer to our long-term target at 123.43.
The minute count shows, that we currently are in a sideways wave iv correction, which should produce a final minor decline closer to 130.55 before turning higher to in wave v to the 132.85 target to complete wave B and surrender to wave C for the expected decline towards 123.43.
R3: 132.43
R2: 131.86
R1: 131.30
Pivot: 130.76
S1: 130.55
S2: 130.25
S3: 129.97
Trading recommendation:
We will buy half the normal position at 130.70 and place stop at 129.90. Take profit + revers to a full sold EUR position will be set at 132.65 if done.
The material has been provided by InstaForex Company – www.instaforex.com
We continue to look for a final spike closer to resistance at 132.85 to complete wave B and set the stage for the final decline in wave C closer to our long-term target at 123.43.
The minute count shows, that we currently are in a sideways wave iv correction, which should produce a final minor decline closer to 130.55 before turning higher to in wave v to the 132.85 target to complete wave B and surrender to wave C for the expected decline towards 123.43.
R3: 132.43
R2: 131.86
R1: 131.30
Pivot: 130.76
S1: 130.55
S2: 130.25
S3: 129.97
Trading recommendation:
We will buy half the normal position at 130.70 and place stop at 129.90. Take profit + revers to a full sold EUR position will be set at 132.65 if done.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: