EUR/JPY - Invers S/H/S bottom in play

EUR/JPY invers S/H/S bottom in play

The failure to even break back below Fridays low at 136.42 is a sing of underlying strength and the invers S/H/S bottom is now in play. We still need a break above the neck-line resistance at 138.00 to activate this bottom, but a break above resistance at 137.66 will call for a strong test of this neckline resistance and a break above 138.00 will call for a continuation towards 140.19 and maybe even higher.

In the larger picture the failure to reach the equality target between wave A and C is also a sign of underlying strength in this cross. We knew, that we was looking at a correction from 145.69 as the question now is, whether this correction is going to be even more complex. At this point it's impossible to say, so we will have to assume, that wave II is in place and a strong wave III is developing. If this is the case then we will see 145.69 broken for a continuation higher to at least 187.09. 

Darryl
2014-09-14
Love the good work, most accurate I’ve found in my research. Darryl
Duane
2018-03-03
Hey EWS,

I just wanted to thank you for posting your charts. They are of great help to me. Your charts are a great teaching aid for learning Elliott Wave.

Duane
Duane
2014-08-29
Hey EWS,

Great work on the GBPCAD and the NZDCAD. These are the type of opportunities that I am looking for, monthly turns caught with daily or hourly entries. Easy money!!

Duane