2018-12-10
Still no real progress here. EUR/JPY continues to trade sideways between 127.60 and 128.66. Our preferred count continues to call for a final decline close to 123.66 to complete wave (E) of a huge 10 year long triangle. Once wave (E) is complete we will be looking for a new long-term impulsive rally higher to near 200.00.
However, for now, we need to focus on the final leg lower to complete wave (E). A break below minor support at 128.12 will indicate a decline to 127.60 and 126.62 on the way lower to the ideal long-term target for wave (E) at 123.66.
R3: 129.10
R2: 128.90
R1: 128.66
Pivot: 128.12
S1: 127.96
S2: 127.60
S3: 127.21
Trading recommendation:
We are short EUR from 128.05 with our stop placed at 129.10
Elliott wave analysis of EUR/NZD for December 10, 2018
2018-12-10
Wave b became smaller than expected and completed already at 1.6495. With wave c of iv already well underway towards the ideal target for wave iv at 1.6741 from where the next swing lower is expected.
The small b-wave could indicate that an ending diagonal will be unfolding as wave c to use up time. We will be looking for support near 1.6568 for the next spike higher towards 1.6741 to complete wave c and ii.
R3: 1.6741
R2: 1.6708
R1: 1.6666
Pivot: 1.6609
S1: 1.6568
S2: 1.6547
S3: 1.6500
Trading recommendation:
Our stop at 1.6510 was hit for a 110 pips profit. We will stay sidelined for now and wait for a selling opportunity near 1.6741.
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