jutkarsh
Short

EURJPY short (Fib and elliot)

FX:EURJPY   Euro / Japanese Yen
42 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
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 !!!!!!!!!
Reply
jutkarsh PRO dojitrader
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.
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