EURJPY short (Fib and elliot)

FX:EURJPY   Euro Fx/Japanese Yen
41 2 4
I am new to Elliot wave . Opportunity to capitalize on wave 5. Wave 4 is testing 50%Fib level, which is on confluence with structure of wave 1 (acting as resistance). Furthermore, wave 4 is forming rising wedge ( bearish signal). The next expected move is retest of structure (wave 3) and to -0.27 Fib D.

T1: 126.07
T2: 124.66
2 years ago
Just curious -----
Are you proposing an Ending Diagonal ?
As this is the only time that "classic" EW allows
wave 4 entering the price range of wave 1
Or are you using another/proprietary form of EW ?
Thanks for your thoughts ``````
Wishing you lots of pips in your pocket for 2015 !!!!!!!!!
jutkarsh PRO dojitrader
2 years ago
I use EW little differently. I dont trade solely on basis of EW, I only use them for added confluence. I am suggesting that the price is in rising wedge that is a bearish signal, plus it in the resistance zone made by Fib 50% and previous structure offered by Wave 1. So, I am expecting the price to reverse to 126.07/124.66 level. I will wait for price to reject that zone.
Thank you dojitrader and wish the same for you.
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out