As I meticulously examine the EUR/JPY pair on the 15-minute chart, I'm presented with a fascinating Elliott Wave sequence that captures the ebb and flow of the market. My analysis has honed in on a completed five-wave structure, indicative of the market's impulsive tendencies, followed by what seems to be the beginning stages of a corrective phase.
The completion of wave (5) signifies a potential pause in the uptrend, marking the start of a corrective phase that could take the form of an ABC pattern. Currently, my eyes are on the initial development of wave (a), anticipating where it might conclude and give rise to wave (b).
With the 0.618 Fibonacci retracement level at 163.959 serving as a potential turning point for wave (b), I remain vigilant, ready to assess the strength of the correction. As is the nature of the market, the unexpected can always occur, and so, I stay prepared to adjust my analysis with each new price development.
I will continue to update my analysis as the market unfolds, providing insights into the EUR/JPY's journey. To my fellow traders, let's remain astute and adaptable to the market's whispers and roars.
The completion of wave (5) signifies a potential pause in the uptrend, marking the start of a corrective phase that could take the form of an ABC pattern. Currently, my eyes are on the initial development of wave (a), anticipating where it might conclude and give rise to wave (b).
With the 0.618 Fibonacci retracement level at 163.959 serving as a potential turning point for wave (b), I remain vigilant, ready to assess the strength of the correction. As is the nature of the market, the unexpected can always occur, and so, I stay prepared to adjust my analysis with each new price development.
I will continue to update my analysis as the market unfolds, providing insights into the EUR/JPY's journey. To my fellow traders, let's remain astute and adaptable to the market's whispers and roars.
Trade closed manually
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