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19.11.201506:58 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for November 19, 2015

Long-term review

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Wave summary:

A failure to accelerate lower and a breakout above 131.73 taken place overnight did not meet our expectation of a decline in wave wave (iii). The decline from 141.06 in early June is clearly corrective as a nice symmetrical triangle was seen as wave b. Triangles will only be seen in wave 4 or as corrective B waves or X waves. This was a corrective decline, but how it should unfold and is still unclear. However, the failure to accelerate lower indicates that the corrective decline from 141.06 has come to an end and now we have to see how the rally from a low of 130.64 unfolds. A small five wave rally can indicate that the correction from 141.06 has ended.

Trading recommendation:

Our stop at 131.65 was hit for a small but nice profit. We will stand aside for now to observe the rally of the 130.64 low.

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