InstaForex - Analytics


    699.25 6.25/10
    61% of positive reviews

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


    Show full picture

    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

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree