EUR/JPY - wave 2 became more complex

As can be seen above wave 2 became more complex with an "x" wave, but it does not change the bigger picture calling for a move closer to 121,36 area shortly.

The talk about bailing-out Greece may have delayed the decline, but it will not prevent the decline.

EUR/JPY - The correction from 120.67 is done

The correction from 120.67 seems to be over and the nex powerfull decline should be under way.

As can be seen the fall from 124.27 is clearly impulsiv forming wave 1 at 122.96, while the rise to 123.88 is clearly correctiv, so we can expect a break below 123.46 and more importantly 123.19 soon calling for a decline to at least 121.76 as wave 3.

Please be aware that this count is only the part of the bigger count calling for a much deeper decline.