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.

 

Duane
2020-03-12
Hey EWS,

I just wanted to thank you for your insight and your vision.

The Crude Oil call was spectacular as well as the SP 500 call. Just to name a few.

I appreciate all that you do.

Just...
Roelant
2016-06-26
Hi Elliotwavesurfer,

Your forecast of the EURUSD waves and reversals on Brexit day were spot on! This was not chaos, the crowd followed a pattern!

GBPUSD was abolutely 100% too!Unbelievably accu...
Roelant
2019-02-25
Hi Elliotwavesurfer,

You’re in better shape than ever before!

Talking about your recent Brent & WTI analysis.
Awesome & deeply appreciated.

You’re top of the list together with Marty Arm...