Feb 25 04:57 GMT


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Trade Idea: EUR/JPY - Stand aside Print E-mail
Elliott Wave Daily | Written by Action Forex | Jan 12 17 10:46 GMT
EUR/JPY - 121.45

Recent wave: wave v of (C) ended at 94.12 and major correction in wave A has ended at 149.79

Trend: Sideways

Original strategy:

Bought at 122.50, stopped at 121.90

Position: - Long at 122.50
Target:  -
Stop: - 121.90

New strategy :

Stand aside

Position: -
Target:  -

The single currency slipped again and decline accelerated after breaking below indicted support at 122.01 and price eventually penetrated support at 121.58, suggesting top has been formed earlier at 124.10 (tentatively wave v top), hence consolidation with downside bias is seen for the erratic decline from 124.10 to bring retracement of recent rise to 120.91, then towards 120.50, however, near term oversold condition should limit downside and reckon psychological support at 120.00 would hold on first testing.

In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above 122.00-05 would bring recovery to 122.25 and then 122.55-60, however, still reckon upside would be limited to 123.00-10 and bring another decline later today or tomorrow.

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).


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