EUR/JPY: weekly wave analysis
Authored by Roman Petuchov
Weekly. Following a strong bullish trend [a] we've seen a beginning of a global correction [b]. This wave is expected to take a form of a double tripple.
Daily. Corrective wave (x) is almost finished, after that we expect a new descending wave (y) to develop. Let's review the correction (x) in details.
H4. Wave (x) took a form of a wave plain A-B-C that seems to be completely finished. There is a high chance for a new descending trend to be born. We maintain a bearish view on the cross.