EUR/JPY - 115.80
Recent wave: wave v of (C) ended at 94.12 and major correction in wave A has ended at 149.79
Trend: Down
Original strategy:
Buy at 114.90, Target: 116.50, Stop: 114.30
the single currency has maintained a firm undertone after recent rally, adding credence to our bullish view that the erratic rise from 112.31 is still in progress for a strong retracement of the decline from 118.47, hence further gain to 116.10-15 (61.8% Fibonacci retracement of 118.47-112.31) and then 116.50 would be seen, however, reckon resistance at 116.94 would limit upside and price should falter below another previous resistance at 117.15.
In view of this, we are still looking to buy euro on dips as 114.80-90 should limit downside, bring another rise later. Below previous resistance at 114.69 would defer and risk pullback to 114.20-25 but only break of support at 113.85 would abort and signal top is formed instead, bring test of previous resistance at 113.59 and later towards support at 113.15.
Our latest preferred count is that wave (ii) is ABC-X-ABC which ended at 123.33 and wave (iii) is unfolding with wave iii ended at 100.77, followed by wave iv at 111.57 and wave v as well as the wave (iii) has ended at 97.04, followed by wave (iv) at 111.43 and wave (v) has ended at 94.12 which is also the end of the larger degree v, this also implied the major wave (C) has also ended there, hence major correction has commenced from there with (A) leg unfolding in its lower degree wave c which has possibly ended at 145.69. Under this count, A-B-C wave (B) has commenced with A leg ended at 136.23, wave B at 143.79 and wave C has possibly ended at 149.79.
Our larger degree count is that the decline from 139.26 is wave (C) and is sub-divided into a diagonal triangle i-ii-iii-iv-v with wave i - 105.44, wave ii- 123.33, wave iii - 97.03, wave iv - 111.43, followed by the final wave v as well as the end of wave (C) at 94.12, this also mark the bottom of larger degree wave B. Under this count, major rise in wave C has commenced as an impulsive wave with minor wave III ended at 145.69, wave V is still in progress for further gain to 150.00. Having said that, this so-called wave V could well be the first leg of larger degree 5-waver wave C and this wave C should bring at least a retest of wave A top at 169.97 (July 2008).
Read more - https://www.goldcruderesearch.com/
Recent wave: wave v of (C) ended at 94.12 and major correction in wave A has ended at 149.79
Trend: Down
Original strategy:
Buy at 114.90, Target: 116.50, Stop: 114.30
the single currency has maintained a firm undertone after recent rally, adding credence to our bullish view that the erratic rise from 112.31 is still in progress for a strong retracement of the decline from 118.47, hence further gain to 116.10-15 (61.8% Fibonacci retracement of 118.47-112.31) and then 116.50 would be seen, however, reckon resistance at 116.94 would limit upside and price should falter below another previous resistance at 117.15.
In view of this, we are still looking to buy euro on dips as 114.80-90 should limit downside, bring another rise later. Below previous resistance at 114.69 would defer and risk pullback to 114.20-25 but only break of support at 113.85 would abort and signal top is formed instead, bring test of previous resistance at 113.59 and later towards support at 113.15.
Our latest preferred count is that wave (ii) is ABC-X-ABC which ended at 123.33 and wave (iii) is unfolding with wave iii ended at 100.77, followed by wave iv at 111.57 and wave v as well as the wave (iii) has ended at 97.04, followed by wave (iv) at 111.43 and wave (v) has ended at 94.12 which is also the end of the larger degree v, this also implied the major wave (C) has also ended there, hence major correction has commenced from there with (A) leg unfolding in its lower degree wave c which has possibly ended at 145.69. Under this count, A-B-C wave (B) has commenced with A leg ended at 136.23, wave B at 143.79 and wave C has possibly ended at 149.79.
Our larger degree count is that the decline from 139.26 is wave (C) and is sub-divided into a diagonal triangle i-ii-iii-iv-v with wave i - 105.44, wave ii- 123.33, wave iii - 97.03, wave iv - 111.43, followed by the final wave v as well as the end of wave (C) at 94.12, this also mark the bottom of larger degree wave B. Under this count, major rise in wave C has commenced as an impulsive wave with minor wave III ended at 145.69, wave V is still in progress for further gain to 150.00. Having said that, this so-called wave V could well be the first leg of larger degree 5-waver wave C and this wave C should bring at least a retest of wave A top at 169.97 (July 2008).
Read more - https://www.goldcruderesearch.com/
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