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Elliott wave analysis of EUR/JPY for March 4, 2016 2016-03-04


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Wave summary:

We still opt for the running triangle coount rather than the alternative counts. Short term, we would like to see a break below minor support at 123.91 and more importantly below 123.66, which would call for the termination of red wave c and indicate that red wave d towards 122.68 is developing.

It will take a break above important resistance at 125.01 to invalidate the running triangle count and shift to the expanded flat for a rally slightly higher to 125.56.

Trading recommendation:

Sell EUR here at 124.30 with stop above 125.05 and take profit at 120.10

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