About 2 months ago I mentioned my first long term target at 120 which was followed by the targets at 117 and 112 that I mentioned about a month ago. Now I will be looking for either one more leg lower or a bullish reversal. On the lower time frames we see a clear impulse higher and I'll be looking for the consolidation to buy EURJPY. If we won't see that happen price might still consolidate in a triangle correction which will most likely be followed by a bearish continuation. The bullish continuation will bring price in the short term towards 115 before I expect to see another consolidation. So depending on what time frame you prefer to trade, waiting for the next consolidation to buy the possible continuation seems like a good idea.
We saw the bullish continuation and we should be looking for buys after a minor consolidation. For now it is unclear whether this is the start of a major impulse on the weekly time frame or a consolidation of the recent bearish momentum. But don't worry if you missed the buy because if this is the start of the bullish move towards 151 we will see 5 waves so the safest and best trade has yet to come once wave 2 settles. (the wave count in Red is only of minor degree so not the wave 1 and 2 in terms of the potential move towards 151. Updates will follow
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The EURJPY might be ready for a correction lower and maybe even a trend continuation since we still have to keep in mind that we might have only seen an ABC correction. Nevertheless short term a sell opportunity might present itself. Depending on that structure we can determine whether or not the bullish momentum of this week will continue or not.
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EURJPY made that leg lower on 15 min time frame but there was no follow up and this pair is clearly extending. That's why I still like to see a more significant retrace. The process of looking for a trade stays the same, I like to see a minor bearish impulse (which we saw) followed by a consolidation which might be currently in progress to sell the continuation. Once we see that happening we can determine what will be next in terms of the bigger picture. Either way this pair seems to provide us with many trading opportunities in the near future.
Comments
andreas1
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good job! really great analysis as usual from you!
now i am wondering if the pair will be back after 38.2 fib or it will continue the sell trend for a little more...if we are in the C wave ( I also believe that) i think the up trend will come back now, once we can see the 5 internal waves finished... this Monday we will know it. in the meantime have a nice weekend :)
andreas1
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question: how we know is not a A,B C correction now and around 114.790 will be reversal after finish the C wave. sorry for boring but i just learning and really like your explanation and analysis...
TimStuyts
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Hello Andreas we don't know that yet. It is a good question and we will try to determine what wave count is correct as soon as possible. But for now let's focus on the current bullish impulse, the rest will follow.
Good trading to you!
andreas1
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ok thanks :)
i understand that elliot waves is more easy to see after the things happen... so let the pair do the job... but really love this type of analysis and for sure i believe is the best way for trade.
now i am wondering if the pair will be back after 38.2 fib or it will continue the sell trend for a little more...if we are in the C wave ( I also believe that) i think the up trend will come back now, once we can see the 5 internal waves finished... this Monday we will know it. in the meantime have a nice weekend :)