Monday, August 11, 2014
Elliott wave analysis of EUR/JPY - Wave iii ended at 135.73
I was looking for a wave iii target at 135.48, but break above 136.46 told us, that wave iii ended a little early at 135.73. We should now look for wave iv towards red wave iv of one lessor degree at 138.00. It's very common for fourth waves to terminate close to a fourth wave of one lessor degree, which in this case would be red wave iv at 138.00, from where we should see the final decline to 134.34 to end wave C.
At 134.34 wave C will be equal in length to wave A from 145.69 to 136.23.
Short term we should allow for a correction to 136.20 before the final rally to 138.00 to end wave iv.
If you enjoyed this post, the might also enjoy the Elliott Wave Surfer Service. Click at the link and see what I have to offer.