On EURJPY, price has invalidated our previous analysis by almost reaching the top of the A-corrective wave, so here are our 2 possible scenarios:
1. Up then Down: Price can reach the resistance (130) then dive downward and break the down trendline.
2. Wave Respect: Price can still validate our previous analysis if the A-wave isn't reached by the B-wave and...
Wave-3 of the A-wave hit the 1.227 fib extension almost to the tick so I'm expecting Wave-5 to hit 2.0 ext as it's also the top of the channel which should be temp support. Then up for B and down into the channel for C
I don't think we'll retrace after the abc but continue down.....which is a good thing and would be bullish IMO
I'm counting on this being the...