Euro / Japanese YenShort
EURJPY
Price is on the resistance of the DOWN channel after a stong and longer corrective wave since the beginning of the down trend ... we can see also a clear hidden divergence on the MACD and the RSI which gives too overbought indication , all this indications especially in the sensible zone (channel resistance) gives us a good BEARISH signal on the 4H time frame , still out the market waiting a good reversal candle is a good idea ... lets take a look at a 1h time frame and make a zoom on the corrective wave , to find the best point or moment to jump :)
this corrective wave still making HH and HL (higher highs and higher lows) inside an UP channel , but we can see easily a regular divergence on the RSI , that is good :) but what if the account of elliot waves is right ? i think divergence with the fifth elliot wave in up trend is a good signal to indicate the end of the cycle and the price will looking for acb correction , even reverse his trend :) any way on this time frame waiting the confirmation is good idea too , bellow the bottom of the 4 wave is good signal ... don t forget , TRADING IS WAITING ,,, good luck :)))
this corrective wave still making HH and HL (higher highs and higher lows) inside an UP channel , but we can see easily a regular divergence on the RSI , that is good :) but what if the account of elliot waves is right ? i think divergence with the fifth elliot wave in up trend is a good signal to indicate the end of the cycle and the price will looking for acb correction , even reverse his trend :) any way on this time frame waiting the confirmation is good idea too , bellow the bottom of the 4 wave is good signal ... don t forget , TRADING IS WAITING ,,, good luck :)))
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.