I'm looking for a strong bullish move for the EURJPY which should complete a daily ABC pattern with wave B currently close to its end.
Although we saw a strong bullish momentum for the Euro after the last ECB press conference, the continuation lower is rather strong.
Therefore I took a closer look at the possibility of a last new low to complete wave B.
In terms of Elliott Wave a pattern of 7 with many overlaps is likely corrective (count in RED). This might indicate a new low for wave C (green) of wave B of larger degree (black).
For harmonic traders this can be seen as a harmonic BAT pattern which is a common reversal pattern at long term levels.
A break out of the upper trend line (Blue) most likely indicates that wave C is already in progress. The lower time frames will give the first clue which in that case I will update as it becomes relevant.
www.faceb00k.c0m/wwwtimstuytscom/
Although we saw a strong bullish momentum for the Euro after the last ECB press conference, the continuation lower is rather strong.
Therefore I took a closer look at the possibility of a last new low to complete wave B.
In terms of Elliott Wave a pattern of 7 with many overlaps is likely corrective (count in RED). This might indicate a new low for wave C (green) of wave B of larger degree (black).
For harmonic traders this can be seen as a harmonic BAT pattern which is a common reversal pattern at long term levels.
A break out of the upper trend line (Blue) most likely indicates that wave C is already in progress. The lower time frames will give the first clue which in that case I will update as it becomes relevant.
www.faceb00k.c0m/wwwtimstuytscom/
