This is my long term forecast for thip currency pair.
There is high propability price may reverse after breakingprevious swing high and give us one more wave down so I will be looking for sell setups at top.
Whole structure shows sign we have bigger head and shoulders pattern in making.
Watch price action after breaking the neckline of structure as either way we will have excellent opportunity for tradees to dowside or upside.
Hi, Could we also be seeing a 5th wave down to go deeper?
(Let me know if the link doesn't work.)
GusHendo
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Gotta respect those bold calls of trend reversal during strong sell-offs!
pablo82
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@GusHenderson,
Cross-market analysis indicates all Jen pairs will move higher soon.
The only one i think may go under bigger consolidation is EURJPY.
GusHendo
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@pablo82, Thanks- that's interesting. Is that based on your technical analysis of all the pairs or fundamentals too? I usually work i the same way in that I like to see all the related pairs giving the same messages- of key S/R levels, fib resistances etc.. My current analysis of day charts of GBPNZD and EURNZD is that they are approaching a decision point- there are possible bear crown patterns visible or they could be winding up to break higher. I think we should find out with some dramatic moves next week.
(Let me know if the link doesn't work.)