Sometimes it is best not to overthink things.
The descending wedge on the EURO (FX:EURUSD) has been clearly broken to the upside.
A new uptrend has begun.
Rises are in 5 waves and drops are in 3 waves. This is a classic Elliot wave definition of a new trend direction.
Keep it simple.
Primary wave 2 and secondary wave 2 of wave 3 UP have now tested the...
In EURO (FX:EURUSD) we had a clear 5 wave rise in wave 1 and a FLAT correction (A (3 waves), B (3 waves) and today C (5 waves) to complete Wave 2 today.
Wave 3 up should be next to 1.618 or 2.618 projection of wave 1 from bottom of wave 2 today.
For longer term picture of previous post predicting coming rise see the link below.
EURO FX:EURUSD expanded FLAT Correction of Wave 2 should be now complete with an ending diagonal 5 waves (5th wave this morning upon release of US NFP).
Wave 1 was a LEADING DIAGONAL.
Retest of descending Long-term Trend Line today and rise to come into wave 3 next.
Wave 3 should rise minimum to 1.618 projection of Wave 1 from today's low (end of Wave 2). ...
While the new minor low today in EURJPY has forced a slight Elliot wave recount the longer-term outlook has not changed.
YEN crosses are all bullish over the next weeks and months with EURJPY expected to rise to complete the final c (black backgrounded) of "e" of longer-term Monthly triangle (see link to MONTHLY count from 2007 to now below).
It is notable...
EURJPY has been consolidating into a triangle pattern since the Financial Crisis. While short term there will be a final rise to complete wave e of B, later this year a new Financial Crisis will commence that will take Yen crosses down below the lows of 2012. It is inconceivable with the extended nature of the economic expansion and global stock markets (Nikkei...