InstaForex - Analytics

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Elliott wave analysis of EUR/JPY for March 3 - 2016 2016-03-03

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Wave summary:

The rally from 122.08 seems to have topped at 124.36. The failure to take out the 125.01 high does indicate that a running triangle is developing, but not an expanded flat. We will totally rule out the possibility of the expanded flat, but the odds now favor a running triangle (it's called a running triangle because red wave b broke below the starting point of red wave a).

If a running triangle is indeed building, then we should look for sideways consolidation around 123,00 before the final thrust lower towards 119.90.

Trading recommendation:

Our stop at 123.18 was hit for a small profit. With the prospect of a running triangle unfolding, we will be looking for a new EUR selling opportunity. We will sell EUR at 123.88 with a stop at 124.45



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