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Elliott Wave Analysis: Triangle On EURJPY Points To Lower Levels

FX:EURJPY   Euro Fx/Japanese Yen
On 4h chart of EURJPY             we have seen a strong decline below the triangle line so we assume that pattern in wave B can be finished so traders may look and expect more weakness down into wave C, especially after a re-test of that broken trendline that seems to have turned into a resistance at 114-115 area.

A Triangle is a common 5 wave pattern labeled A-B-C-D-E             that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide into 3-3-3-3-3.
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Is it still valid?
+1 Reply
Hey Meckron. No we changed our wave count a little bit and we now see this rally up from 112.05 as start of blue sub-wave c of a triangle. Blue wave c could now find its possible reversal zone around the 116.250 area.
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Meckron ew-forecast
Thanks for the answer! Yeah, I got the same idea, retrace at 116, and retrace to a new low to 110 area. What you think?
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