Elliott wave analysis of EUR/JPY for October 16, 2015 Market Analysis Review

Wave summary:

A strong decline from 136.46 has invalidated a bullish call and that leaves us with a huge triangle pattern from 126.05. There is no way this could be a bullish triangle, which means we shall be looking for a downside thrust eventually. A break below important support at 133.11 confirms the downside thrust and ultimately a decline below a low of 126.05.

This is the way corrections work. A perfect bullish count is likely to be destroyed next day, and everything turns upside down.

Trading recommendation:

Our stop at 135.90 was hit for a nice little profit. We will no be looking for a EUR selling opportunity with a stop set at 136.80.

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