Article By RoboForex.com
Analysis for November 20th, 2014
In our previous review, “Per aspera… Wave analysis of EUR/JPY for 10.11.2014”, we discussed a possible scenario how the price complete an ascending impulse [v] of C of (C).
Our mid-term expectations haven’t changed so far. The current chart structure implies that the pair may be completing the final ascending wave [v] of C of (C). If this assumption is correct, then later the price may start a new descending trend inside a large correction (B), maybe in the form of zigzag.
Indeed, the market has almost completed an ascending impulse [v] of C of (C) and got very close to the resistance level at 150. Moreover, two of its current waves, (iii) of [v] and (v) of [v], have formed extensions.
In addition to that, we can say that the fifth wave, (v) of [v], of impulse [v] has the form of an impulse with an extension inside its fifth wave, v of (v). All these implies that the market may finish the uptrend in the nearest future and reverse to the downside.
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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RoboForex Analytical Department
Article By RoboForex.com
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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.
