EverythingForex

EURJPY: Poised For A Dramatic Move!

FX:EURJPY   Euro Fx/Japanese Yen
1560 3 29
This pair has been on a very messy move down for the past few months. More than a few traders have been caught up in the wild swings (myself included) and gave money to the market. That is the nature of corrective waves. In this case, probably a wave b. So what now? Hes wave b reached it's end?

WAVE COUNT
I’m breaking down the wave (b) correction here. From the wave (a) end, prices went back up in 3-waves. This I have labeled as wave a of (b). When wave a ended, prices have declined in a very messy manner indicative of a corrective wave. I’ve labeled this to be the wave b of (b). Prices have now reached the starting point of the wave a and hit the MONTHLY MAJOR SR structure zone which also halted the wave (a). If wave b ends here, then we will see wave (b) unfold in a flat correction . If this structure does not hold and prices decline even further, then this could turn out to be a expanded flat depending on where prices stop and reverse from. If expanded flat, then we will see a MUCH longer and stronger wave c of (b).

PATTERNS
This wave b decline has now formed a POTENTIAL Cypher pattern with its’ C point yet to be confirmed. There was also a COMPLETED Crab and prices are now testing its’ PRZ.

WEEKLY CHART - Two Ways To See This
Here is 2 conflicting wave counts. One continues this corrective pattern and the other shows a possible strong impulse wave upcoming to new lows. So which one will you take?
snapshot

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GoodLuckbabe
a year ago
COMPLETING ABC MOVE ON BIGGER STRUCTURE
very wright EverythingForex also looking break up this time
+1 Reply
That looks like a very solid EW count. A strong engulfing candle to the upside could provide an entry.
Reply
nguyenags PRO
a year ago
Very nice chart as always. Your wave counts are always clear and useful. My strategy for this pair is to sell at 61.8% retrace of sub-wave 5 of (Y) at 129.78. Then buy at 61.8% retrace from that sell entry, stop loss will be below the low 125.7 . I rather do that than catching the bottom of this corrective wave. Or wait for the pair to break top trend line and buy the retracement.
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