EURJPY Wave Analysis - Big drop ahead
Updated
EURJPY finally showed its hand with the last daily close. Price formed a sell signal after stalling around the recent high.
This last wave can be counted as a wave B and we should now see a impulsive wave C to the downside.
In my opinion wave 1 is finished and some kind of sideways correction could take place.
This would be some kind of flag/wedge pattern and soon break to the downside.
Wave 3 should start pretty soon and target for the whole C wave is under 120, so +200 pips can be made.
This last wave can be counted as a wave B and we should now see a impulsive wave C to the downside.
In my opinion wave 1 is finished and some kind of sideways correction could take place.
This would be some kind of flag/wedge pattern and soon break to the downside.
Wave 3 should start pretty soon and target for the whole C wave is under 120, so +200 pips can be made.
Note
Higher TF
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