ANALYSIS: EURJPY: DAILY Chart

EURJPY has now started a possibly very large move up in the last leg of a large correction. Corrections unfold in 3 waves. Clearly, we can see 2 waves. What is missing is a 3rd wave of the 3-wave correction. And that is what we may be seeing unfold now.

WAVE COUNT
What you see on this DAILY chart is just the first 2 waves of a months long corrective phase that is possibly unfolding in an 5-3-5 ABC Zigzag pattern.

To the left of the chart, there is clearly a 5-wave impulse wave down which is just the wave A of the 3-wave corrective phase . That being an impulse wave, what follows it is a corrective phase that should consist of 3-waves. This is the wave B of the larger overall corrective phase. This wave B itself is a 3-wave corrective phase that is also unfolding in a 5-3-5 ABC zigzag. Waves (a) and (b) of that wave B are now complete with this latest recent sudden move up. Now we should be seeing the wave (c) of that wave B unfold in an impulsive manner: a 5-wave impulse wave up to complete the larger wave B.

PATTERNS
The most effective patterns are ones that cover waves from top to bottom and not originating from somewhere in the middle of a wave. Here I show a POTENTIAL Bat that stems from the top of wave A and covers the lows and the highs. Point C of that bat may have just completed at the recent lows.

There is also a AB=CD pattern that completes at the B point of the Bat.