Elliott Wave View on EURJPY Expects Rally to Fail
Short term Elliott Wave view on EURJPY suggests cycle from 8.16.2024 high ended at 155.14 as wave A. Internal subdivision of wave A unfolded as 5 waves impulse. Down from 8.16.2024 high, wave ((i)) ended at 160 and wave ((ii)) rally ended at 162.89. Wave ((iii)) lower ended at 155.446 and rally in wave ((iv)) ended at 157.51. The pair then extended lower in wave ((v)) towards 155.14 which completed wave A.
Wave B rally is currently in progress to correct cycle from 8.15.2024 high. Internal subdivision of wave B is unfolding as a double three Elliott Wave structure. Up from wave A, wave (a) ended at 157.1 and pullback in wave (b) ended at 156.04. The pair then rallied higher in wave (c) towards 158.33 which completed wave ((w)). Pullback in wave ((x)) ended at 157.03 and it has since turned higher again in wave ((y)). Up from wave ((x)), wave (a) ended at 158.03 and pullback in wave (b) ended at 157.10. Wave (c) higher is now in progress towards 160.25 – 162.24 and this should also complete wave ((y)) of B in higher degree. Near term, as far as pivot at 162.91 high stays intact, expect rally to fail in 3, 7, 11 swing for further downside.
Wave B rally is currently in progress to correct cycle from 8.15.2024 high. Internal subdivision of wave B is unfolding as a double three Elliott Wave structure. Up from wave A, wave (a) ended at 157.1 and pullback in wave (b) ended at 156.04. The pair then rallied higher in wave (c) towards 158.33 which completed wave ((w)). Pullback in wave ((x)) ended at 157.03 and it has since turned higher again in wave ((y)). Up from wave ((x)), wave (a) ended at 158.03 and pullback in wave (b) ended at 157.10. Wave (c) higher is now in progress towards 160.25 – 162.24 and this should also complete wave ((y)) of B in higher degree. Near term, as far as pivot at 162.91 high stays intact, expect rally to fail in 3, 7, 11 swing for further downside.
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