Article By RoboForex.com
In our previous review, “Truncated triangle may be completed soon. Wave analysis of EUR/JPY for 09.07.2014”, we discussed one of the possible scenarios how the price may complete horizontal correction [iv] of C and ascending impulse C of (C).
Our previous expectations haven’t changed much. Current chart structure implies that the pair is forming dynamic horizontal triangle [iv] of C of (C), which may be followed by final ascending wave [v] of C. One of the main waves of triangles is usually the longest and most complicated, so possibly the third zigzag (c) [iv] may turn out just this type of wave.
If this assumption is correct, that in the nearest future the price is expected to complete the final phase of this triangle, waves (d) and (e) of [iv].
Probably, the pair is finishing descending zigzag (c) of [iv], which may be followed by ascending zigzag (d) of [iv] of C.
However, at the same time one should remember that any possible scenario is subjective and the market may move in a completely different direction.
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.