EUR/JPY - Correction over at 137.01 or not?

EUR/JPY correction over at 137.01 or not? 

The rally from 135.21 has been stronger than anticipated, but the origin of wave i at 137.01 is still unbroken. Under the Elliott Wave Principle second waves are allowed to correct 100% of the first wave, this is especially common in the currency market.

So at this point we are left undecided, whether wave B is in place at 137.01 or wave B still needs a rally higher to the 137.82 - 137.94 area in wave c of B. I slightly prefer the count, where wave B is in place at 137.01, but to prove this count, we need a break below support at 136.52 and more importantly a break below support at 136.04, that will call for the next impulsive decline to at least 134.09 and possibly even lower to 133.40 in wave iii.

 

Hani
2014-06-06
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I am so impressed at your renewal.
Elliott wave analysis is so difficult to me, but so interesting and useful.

Thank you
Hani
Felipe
2014-05-26
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Felipe
Duane
2014-05-26
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