The decline became slightly deeper than expected, but we have likely seen the bottom or is very close to the final bottom of wave ii of 5 now. To confirm the bottom we need support at 120.71 to protect the downside for a break above 121.56, which will be the first good indication that the bottom is in place for a rally higher towards 123.38 and a break above here confirms the bottom and that wave iii of 5 is developing. However, if we break below 120.71 we must accept, that one last new low is needed before wave ii of 5 is over. The only demand I have to this wave ii is, that at no point do we see a break below the starting point of wave i at 118.73, if that was to happen my bullish count is invalidated.
We have finally seen the break below support at 1.5390, that means that all demands for wave e of the expanding triangle now is fulfilled. That said we would like to see this e wave decline a little further towards 1.5200 before bottoming out for the next rally higher. However, we should be aware, that a break above 1.5469 could be a first warning that the bottom is in place, but we need a break above 1.5560 and more importantly a break above 1.5627 to confirm the bottom and a new major rally.
HI EWS:
ReplyDeleteAs you know I have been studying the recent string of EURJPY, reached the following conclusions:
1) The first correction (wave 4 in your graphic) looks like a zigzag.
2) It develops an ABC
3) The percentages of each of the ABC subwaves seems correct, even the percentages of the subwaves of minor degree.
4) The alleged wave 1 or B, should be a 1, then:
5) The decline of B on A was higher than 78.6%
6) If it were a B wave would develop in three subwaves, but seems clearly that includes 5 subwaves.
7) With respect to the wave length 2 or C seems little probable that can develops in 5 subwaves, rather its development are composed of sequences of three waves, by the moment.
So, I think you are right.
These are my conclusions for now
Your conclusions is up from here buiding v wave or more downs?
DeleteHi Zink,
DeleteWe still need more evindece that a bottom is in place, but yes I prefer the upside from here rather than the downside.
Kind regards
EWS
Hi Manuel,
ReplyDeleteI like the way you have arrived to your conclusion. Not because you agree with me, but because your conclusions are all sound and find their basis in the Elliott Wave Principle.
Keep up your Work and you will outstanding using the EWP.
Kind regards
EWS