EUR/JPY - Corrective low could be in place with the test of 121.69

EUR/JPY - Corrective low could be in place with the test of 121.69

EUR/JPY - Corrective low could be in place with the test of 121.69 

With a break to a new low at 121.69 a corrective low for wave [2] could be in place. If a low has been seen, we should soon see a break above resistance at 123.04 and more importantly a break above 123.57 confirming that a long term low is in place for a new impulsive rally to above 149.79. 

That said, we need to respect the possibility of a little more downside pressure towards 120.45 as long as minor resistance at 123.04 holds firm, but we are clearly in the final part of the corrective decline from 149.79 and a corrective low could be found anytime now. 

Hani
2014-06-06
I have been a fan of you blog for several years!
I am so impressed at your renewal.
Elliott wave analysis is so difficult to me, but so interesting and useful.

Thank you
Hani
Duane
2014-05-26
Great job this week!! Wish that I had more capital to capitalize on all of your great calls! The ones that I have managed to catch have been extremely profitable. I really appreciate you sharing you v...
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