Article By RoboForex.com
In our previous review, “Everything ends someday. Wave analysis of EUR/JPY for 20.11.2014”, 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, its third wave, (iii) of [v], has formed extension. In this case, it’s quite logical to expect that its fifth wave, (v) of [v], may be equal in length to the first one, (i) of [v].
In addition to that, we can say that the fourth wave, (iv) of [v], of an ascending impulse [v] is taking the form of running triangle, which means that the final ascending movement of the price may be equal to the pattern’s height.
All these point to the fact that the market may finish the uptrend quite soon near level of ~150.
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However, at the same time one should remember that any possible scenario is subjective and the market may move in a completely different direction.
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.