Elliott wave analysis of EUR/TRY and TRY/JPY

EUR/TRY

 

 

Is in the later part of, what I believe is a triple Zig-Zag rally. If my Count is correct we are in wave 5, which ideally will move higher towards 2.8438 before we should expect a major downturn. That said, we are currently at the major resistance-line, which has halted the rise on two other occasions, but to confirm that a top is in place we need a break below 2.6158.

 



TRY/JPY

Here too I'm looking for wave 5 higher towards at least 56.82 and maybe even higher towards 62.55. To confirm that wave 5 is developing we need a break above 50.80 and more importantly a break above 52.52.
Only a break below 45.25 will invalidate this Count, as a break below 45.25 will cause an overlap between wave 1 and and wave 4, which is not allowed for an impulsive wave.