Elliott Wave and Fibonacci Predictions

EUR/JPY

Hey Guys, our EUR/JPY plan is working really nice at the moment. I had right about this 200% Fibo resistance that held prices below it through the night. So, I went short after the a-b-c correction in pink wave b). Check out the smaller time frame, you will found c equal to a…very powerful correction, so I made 30 pips in this move down.

Current low is 165,55, where could be the end of the correction waves, especially cause pink wave a) is almost equal to c). But I see prices much lower then that, like already said it yesterday, my target to get long will be in support zone from 164,20 – 164,60, so I will look for all possible corrections, which could bring us to our targets. So right now I am looking for possible double zigzag move in very nice downtrend channel starting yesterday. The patience is the most important factor in the moment like this, we should give time to the market to find the support zone, which must hold for new possible highs and then we jump in with stops below it. On our charts we still don't have any confirmation of this second zigzag, so I will watch this trendline support (which connects waves iv and c) very closely, cause any breakthrough could bring us down to our targets. I will try to make some pips on this way down, with very small stop loss, somewhere around 20 pips.

See you tomorrow. Grega

1h chart

Gregor Horvat
chief executive officer
forex analyst
Capital Forex Group LLC

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