EUR/JPY: weekly wave analysis
Authored by Roman Petuchov
Weekly. After the end of the global rising impulse [a] that lasted 1.5 years, a global corrective wave [b] has started. Let see this wave in the details.
Daily. The correction will likely take a form of a double tripple. Waves (w) and (x) have been completed. Currently the market is developping a new correction (y) that can take a form of a simple descending zigzag, wave flat or a more complicated corrective model.
H4. A new descending impulse will likely follow. The decline will likely be very rapid.