In London right now and just had my porridge and what do you know I spot a . These are very common when using ABCD Fibonacci extensions.
This concurs with my previous eurjpy analysis tagged below and shows a higher target than I previously anticipated. This geometrical formation has given me more confidence in hitting my TP2.
The flag pole begins at the low of 16th Oct (134.13) which is also the beginning of my ABCD . It then extends to 2014 yearly high (149.60). The flag itself is outlined by the 2 thin black . If you scope into the 240min chart you can clearly see a breakout. However there is still a possibility this pair may head lower to the blue of A-B (143.23). If this does occur then a pattern can still be valid.
I have displayed the distance of the flag pole from the low of the flag itself (146.70) which is also the C reference to the ABCD . As you can see the price distance hits the 100% ABCD to the T. This is also a very strong that I mapped out already from previous analysis. Coincidence or just plain wizardly? tells a story and sometimes if your smart you can skip a few chapters!
If I am correct then we are looking at a 1300pip move to the upside. Thats a very big move!
Happy Holidays :)