EURJPY Elliott Wave View
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  1. #1

    Post EURJPY Elliott Wave View

    EURJPY Elliott Wave View: Pullback in progress

    Short term Elliott Wave view in EURJPY suggests that the pair has ended the cycle from 2/24 low (118.18) and the instrument is pulling back to correct that cycle before turning higher again. Primary wave ((5)) is currently in progress higher and the rally from Primary wave ((4)) low at 118.18 is unfolding as an ending diagonal Elliott wave structure where Intermediate wave (1) ended at 122.88. The subdivision of Intermediate wave (2) pullback is proposed to be in a double three Elliottwave structure where Minor wave W ended at 121.59 and Minor wave X bounce is in progress.

    The subwaves of Minor W looks to be in a zigzag Elliott wave structure, and if the subwaves of Minor Y later also takes the form of a zigzag, then this is a special structure of a double three where the subwave of both wave W and Y unfolds as a zigzag and we can call this structure a double zigzag. Near term, while Minor wave X bounce fails below 122.88 high, pair should turn lower in Minor wave Y of (2) towards 119.97 – 120.53 area before pair resumes the rally higher, provided that pivot at 118.18 low stays intact. We don’t like selling the proposed pullback and expect buyers to appear at above area for at least 3 waves bounce.

    EURJPY 1 Hour Chart 03.15.2017

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  2. #2
    EURJPY Elliott Wave View: Pullback ended

    Short term Elliott Wave view in EURJPY suggests that the decline to 118.18 on 2/24 ended Primary wave ((4)). Primary wave ((5)) is currently in progress higher and the rally from Primary wave ((4)) low at 118.18 is unfolding as an ending diagonal Elliott wave structure where Intermediate wave (1) ended at 122.88. The subwaves of Intermediate wave (1) takes the form of a zigzag Elliott wave structure where Minor wave A ended at 121.19, Minor wave B ended at 119.97, and Minor wave C of (1) ended at 122.88.

    Intermediate wave (2) pullback is unfolding as as a double three structure where Minor wave W ended at 121.59, Minor wave X ended at 122.06 and Minor wave Y of of (2) is proposed complete at 121.16. While pullbacks stay above there, and more importantly above 118.18, expect pair to resume the rally higher, provided that pivot at 118.18 stays intact. If pair breaks below 121.16 here, then it’s still within Minor wave Y of (2) and can open extension lower towards 120.45 – 120.75 area before pair turns higher again. We don’t like selling the proposed pullback and favor the longside as long as pivot at 118.18 low stays intact.

    EURJPY 1 Hour Chart 03.16.2017
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  3. #3
    EURJPY Elliott Wave View: Correction in progress

    Short term Elliott Wave view in EURJPY suggests that the decline to 118.18 on 2/24 ended Primary wave ((4)). Primary wave ((5)) is currently in progress higher and the rally from Primary wave ((4)) low at 118.18 is unfolding as an ending diagonal Elliott wave structure where Intermediate wave (1) ended at 122.88. The subwaves of Intermediate wave (1) takes the form of a zigzag Elliott wave structure where Minor wave A ended at 121.19, Minor wave B ended at 119.97, and Minor wave C of (1) ended at 122.88.

    Revised view suggests that Intermediate wave (2) pullback is still in progress in 7 swing or a double three structure where Minor wave W ended at 121.087. While Minor wave X bounce fails below 122.88, pair has scope to turn lower one more leg in Minor wave Y of (2) towards 119.27 – 120.52 area before the rally resumes. We don’t like selling the proposed pullback and expect buyers appear at 119.27 – 120.52 area for an extension higher or at least 3 waves bounce as far as pivot at 118.18 low stays intact. If pair breaks above 122.88 from here, that will suggest that Intermediate wave (2) has ended at 121.087 and pair has resumed the rally higher.

    EURJPY 1 Hour Chart 03.17.2017
    Name:  1EURJPY-60201703142143321.jpg
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