Technical summary:
The correction from 149.13 is behaving as expected. We are still looking for a wave c lower to the first target at 144.78. Wave c could extend and cause a deeper decline towards the 38.2% corrective target or even the 50% corrective target. When wave (ii) becomes an expanded flat like we see it here, then we always expect wave (iii) to extend, but more about that, when it becomes time to look for wave three higher. For now, we should stay below 148.25 for a break below 146.42 confirming the decline to 144.78.
Trading recommendation:
We are short in EUR from 147.97 with stop placed at 148.35. We will place our take profit at 147.85. If you are not short in EUR yet, then sell near 147.20 with the same stop and stop-profit.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/JPY for December 12 - 2014 . Thanks for your support.
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