ew-forecast

EURJPY Divergence And Elliot Wave Suggests Coming Reversal

FX:EURJPY   Euro Fx/Japanese Yen
EURJPY             is bullish for the last two months but this could come to and end in coming days or weeks, because we can count five waves up on the 4h chart. Besides that we also see a decreasing bullish momentum on the RSI , while the price can be forming a wedge pattern in fifth wave. This refers as an ending diagonal in Elliot Wave Theory which can cause bearish turning point, possibly from around 137.

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Excellent.
+1 Reply
yes the comination of divergence and an ascending wedge formation suggest a breakout to the downside will come soon would prefer it to complete the 5th wave pattern
Reply
IvanLabrie PRO MarkLangley
It looks complete already, don't you think Mark?
Reply
yes it proved to be that way this chart a few months old and it did move lower !!
+1 Reply
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