EURJPY Elliott wave!

20 ביולי 2018

It seems like an Elliott wave has started to form on this pair, the initial motive waves have been formed and the first corrective wave has also formed, this means now the price should retrace a little higher, after this we should see the price fall once again creating the (C) corrective wave. It is likely that this (C) wave would make the price move down to this previous rising support level (green). The RSI is currently below 50 meaning it is favouring a bullish move, it is likely the RSI would retrace as the price retraces for wave B. I will keep this post updated as the wave completes.

23 ביולי 2018

הערה

The price had moved a little further than I had thought on my initial analysis, this is fine as now the price has touched the oversold level on the RSI and moved up, it looks very likely that the price would now retrace.




Even though, a doji has appeared, it is still very likely that the price would fully retrace and the RSI would position itself in a better place for the upcoming drop (wave C).