ORBEX: EURJPY - Successful Zig-Zag Could Validate Reversal
Updated
It looks like the corrective intermediate wave (C) of the corrective bearish Primary wave 5 ended at 115.87. As part of Cycle b, or 2, we can now expect prices to move higher medium and long-term with one of the medium-term upside stops laying at 122.54.
The current minute ii correction is likely to end as a zig-zag complex pattern w,x,y with minuette y potentially ending near 116.76, where the 78.6% FR of the minute impulse is. In case it turns up sooner, we should be looking that happening from next week onwards, if not today, Friday.
The current structure suggests that once this correction is done with, prices could continue up and end complete the 5-wave minute impulse at the 1.618% FE, where minor 1 is likely to form a corrective pullback pattern.
We could look for short-term sells and then a reversal to follow the motive minute wave iii.
Invalid below 115.88
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
The current minute ii correction is likely to end as a zig-zag complex pattern w,x,y with minuette y potentially ending near 116.76, where the 78.6% FR of the minute impulse is. In case it turns up sooner, we should be looking that happening from next week onwards, if not today, Friday.
The current structure suggests that once this correction is done with, prices could continue up and end complete the 5-wave minute impulse at the 1.618% FE, where minor 1 is likely to form a corrective pullback pattern.
We could look for short-term sells and then a reversal to follow the motive minute wave iii.
Invalid below 115.88
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
Note
40 pips to the downside left
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