Elliot wave, Short EURJPY
This pattern has been in place since 2015, on a longer time frame.
Wave 2 is a 61.8% retracement of Wave 1
Wave 4 is currently retracing 50% of Wave 3
By virtue of elliot wave's principle that wave 4 (Correction) cannot overlap into wave 1, this pattern would be invalidated if price action crosses 125.8-126.1.
Wave 4 seems incomplete. Usually, Wave 2 and Wave 4 has inverse characteristics. From what I observe, Wave 2 did a simple ABC correction.
Thus, Wave 4 would be developing into some more of a complex nature. (Likely a triangle/wedge)
Trade Idea, Short at market : 125.2
SL : 126.2
TP : WIll Update again later.
Wave 2 is a 61.8% retracement of Wave 1
Wave 4 is currently retracing 50% of Wave 3
By virtue of elliot wave's principle that wave 4 (Correction) cannot overlap into wave 1, this pattern would be invalidated if price action crosses 125.8-126.1.
Wave 4 seems incomplete. Usually, Wave 2 and Wave 4 has inverse characteristics. From what I observe, Wave 2 did a simple ABC correction.
Thus, Wave 4 would be developing into some more of a complex nature. (Likely a triangle/wedge)
Trade Idea, Short at market : 125.2
SL : 126.2
TP : WIll Update again later.
Note
Half profit has been booked at 123.4 and SL set to entry
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.