EURJPY Elliott Wave View: Ended 5 Waves Advance
Hello Traders,
EURJPY short-term Elliott wave view suggests that the decline to 124.87 low ended blue wave (2) pullback of a leading diagonal structure from 5/29/2018 cycle. Above from there, the rally higher is taking place as Elliott wave zigzag structure within blue wave (3) of a diagonal. In a zigzag ABC structure, lesser degree cycles should show sub-division of 5-3-5 structure i.e Red wave A unfolds in 5 waves either impulse or a leading diagonal, red wave B unfolds in 3 swings corrective structure. Whereas red wave C unfolds in another 5 waves structure either impulse or Ending diagonal structure.
In EURJPY’s case, the rally higher from 124.87 low unfolded as 5 waves impulse structure in red wave A. Up from 124.87 the rally higher to 126.49 high ended black wave ((i)) in 5 waves structure. Down from there the pullback to 125.55 low ended black wave ((ii)) pullback. A rally higher from there to 130.275 high ended black wave ((iii)) with another lesser degree 5 waves structure. Below from there, a pullback to 129.55 low ended black wave ((iv)).
Finally, a rally to 130.86 high ended black wave ((v)) & also completed red wave A. Currently red wave B pullback remains in progress in the sequences of 3, 7 or 11 swings to correct the cycle from 124.87 low before the rally resumes, provided the pivot in our distribution system at 124.87 low stays intact. We don’t like selling it.
EURJPY short-term Elliott wave view suggests that the decline to 124.87 low ended blue wave (2) pullback of a leading diagonal structure from 5/29/2018 cycle. Above from there, the rally higher is taking place as Elliott wave zigzag structure within blue wave (3) of a diagonal. In a zigzag ABC structure, lesser degree cycles should show sub-division of 5-3-5 structure i.e Red wave A unfolds in 5 waves either impulse or a leading diagonal, red wave B unfolds in 3 swings corrective structure. Whereas red wave C unfolds in another 5 waves structure either impulse or Ending diagonal structure.
In EURJPY’s case, the rally higher from 124.87 low unfolded as 5 waves impulse structure in red wave A. Up from 124.87 the rally higher to 126.49 high ended black wave ((i)) in 5 waves structure. Down from there the pullback to 125.55 low ended black wave ((ii)) pullback. A rally higher from there to 130.275 high ended black wave ((iii)) with another lesser degree 5 waves structure. Below from there, a pullback to 129.55 low ended black wave ((iv)).
Finally, a rally to 130.86 high ended black wave ((v)) & also completed red wave A. Currently red wave B pullback remains in progress in the sequences of 3, 7 or 11 swings to correct the cycle from 124.87 low before the rally resumes, provided the pivot in our distribution system at 124.87 low stays intact. We don’t like selling it.
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