Keeps thing interesting, doesn't it ? I had forgotten the 3rd wave rule and that does seem to put a huge wrench into the
possible counts. EurJpy is quite the puzzle to me with it's impulsive nature and yet . . . questions abound.
Thanks for your comprehensive answer. I appreciate all your helpful insight - greatly !!!
I'll have to study the larger degree some more - I've checked out the weekly chart -
and I see the possibility for this being the corrective nature in your count and
not impulsive, although, that would make this one Hell of a C Wave, for sure ~~~~~~
Thanks for your thoughts.
*I don't suppose there is an easy explanation for your corrective count ?*
Or should I study first and then listen to your answer for better understanding ?
Some ppl counted this like below, but then wave 3 would be the shortest which is breaking one of the basic EW rules.
This wave most not be a C wave. It could be wave 5 in an impulse.
The opinions differ between EW schoolers, but the school of thought that i subscribe to says that
all wave with a bigger corrective wave can be of corrective nature, and the fact that we are correcting the
drop from the 2008 highs, this is a corrective wave in 5 wave to set up a big wave A,
Other suggest this could be an irregular flat.
There are many possible counts, it's hard to say which one is correct. EURJPY is one of the most difficult pairs if you ask me.
I will wait for the market to show it's hand before taking a positon in EURJPY.