EURJPY - ABC FLAT COMPLETION - NEW LOWS AHEAD?
One possible - and likely - interpretation of the current shorter-term wave count on EURJPY is that we have clearly completed a 5 wave decline followed by a classic ABC Elliott Flat correction.
The question is - what next? I am anticipating at minimum a return to the original lows at the 121.000 handle, with the possibility that there will be a fresh 5 wave decline.
*I will be keeping an eye on how price corrects off this C wave high. If price makes a 3 wave decline, then we will have another corrective structure before kicking off a new impulsive wave*
The question is - what next? I am anticipating at minimum a return to the original lows at the 121.000 handle, with the possibility that there will be a fresh 5 wave decline.
*I will be keeping an eye on how price corrects off this C wave high. If price makes a 3 wave decline, then we will have another corrective structure before kicking off a new impulsive wave*
Trade closed: target reached:
Target reached