FX:EURJPY   Euro / Japanese Yen
E/J is ready for a long term Rally!

We have just seen the turn around of the 4th correction at the low of the channel to Rally back to the high of the channel to complete the 5th wave impulse cycle. We currently see the 1st impulse and 1st correction of the 5th being completed and sitting at the 61.8 of the prior high and apex of Flag Pattern . We are looking for a long as soon as market opens! Wait for a candlestick formation and hold, stack orders during the pullback if you understand Elliot Wave Analysis and ride this to the bank!

Analysis Breakdown...

1. Elliot Wave - Elliot wave states first correction (wave 2) reversal is at 61.8 and second correction (wave 4) reversal is between 38.2 and 50%, without exceeding wave 1. Currently the 4th wave has completed an AB=CD Relationship with perfect time cycle alinement for reversal at the 38.2.

2. Harmonic Patten - Elliot correction waves usually exhibit Harmonic Phi Relationships, as we see here price was pushed to the low to trap early buyers but perfectly respected our Channel and the 141 Extension of our prior swing high to complete the C Leg of a Bullish Cypher Patter.

3. Price Pattern - Bullish Flag pattern are common in Elliot Corrections and we currently see a perfect flag pattern sitting at the Apex on its 4th breakout wave, also in confluence with prior swing high at the 61.8 fib level!

4. MACD Signs - MACDs currently showing Price Convergence which is good for Long Positions and is exhibiting whats knows as "First Cross Trade" which shows when a pullback is complete and ready for next rally!


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PLEASE ADVISE: I deleted many Fib and Time Cycles to make the chart more clean. Enjoy!


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