EURJPY Elliott Wave Analysis: Tracking Recent Price Action
EURJPY ended the cycle from 09/10 low at the peak of 09/21 (133.121) in red wave 3. Below from there it is correcting the cycle from 09/10 in red wave 4 in the sequences of 3-7 or 11 swings.
The pullback in red wave 4 is currently suggesting that it is unfolding as a Elliott Wave Double correction.
The first leg lower from 09/21 peak ended black wave ((w)) at 09/28 low (131.173). The internals of that move unfolded as an Elliott Wave triple structure. Above from black wave ((w)) low it ended black wave ((x)) pullback at 10/01 peak (132.45).
Near-term focus remains towards 130.50-130.036, which is 100%-123.6% Fibonacci extension area of black wave ((w))-((x)) to end the short-term correction.
The pair should find buyers from there looking for another extension higher or for minimum 3 waves reaction higher.
The pullback in red wave 4 is currently suggesting that it is unfolding as a Elliott Wave Double correction.
The first leg lower from 09/21 peak ended black wave ((w)) at 09/28 low (131.173). The internals of that move unfolded as an Elliott Wave triple structure. Above from black wave ((w)) low it ended black wave ((x)) pullback at 10/01 peak (132.45).
Near-term focus remains towards 130.50-130.036, which is 100%-123.6% Fibonacci extension area of black wave ((w))-((x)) to end the short-term correction.
The pair should find buyers from there looking for another extension higher or for minimum 3 waves reaction higher.
14 days trial --> elliottwave-forecast.com/amember/go.php?r=2670&i=l3 and get Accurate & timely Elliott Wave Forecasts of 78 instruments. Webinars, Chat Room, Stocks/Forex/Indices Signals & more.