Elliott Wave Theory at EUR/JPY
Here we can see, a clear motive uptrend on our pair. I spotted this trend at the end of the 3rd wave, so i kept a close look at it and opened a small short position as i got indications of correction-pullback . We are expecting 2 more waves (4 and 5), the 4th wave as we see, comes to un end ,so we might be able to open a long position soon. BUT first of all we must get some indications and dont rush, the correction wave (wave 4) must lose its momentum so we can get some confirmation of a reversal and then we can start opening some buy positions. Ptatience is the key traders!!!. Remember trading is 10% buy 10% sell and 80% waiting!!!.
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