empty
 
 
20.08.2018 05:12 AM
Elliott wave analysis of EUR/JPY for August 20, 2018

This image is no longer relevant

The complex correction in wave iv/ continues to dominate the picture here. We continue to look for c/ of iv stretching a bit higher towards 127.94 before completing wave iv/ and turning lower to just below 124.89 to complete wave v/ of C of ii. Once this very complex correction in wave ii is complete a new impulsive rally is expected in wave iii. The impulsive rally in wave iii should ultimately break above 131.99.

At no point can a break below 124.59 be accepted under this count.

R3: 127.52

R2: 127.06

R1: 126.61

Pivot: 126.39

S1: 125.76

S2: 125.26

S3: 124.89

Trading recommendation:

We are long EUR from 126.25. We will raise our stop to 125.50. We will take half profit at 127.40 and wait for a new buying opportunity at 125.15.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback