EUR/JPY: weekly wave analysis
There continues development of the global upward zigzag. The formation of a correctional wave [b] is expected after the completion of construction of the impulse [a]. Let’s observe the details of the layout.
Daily. Layout of the graph on D1 shows that the construction of the wave [a] has been totally completed as far as the formation of the impulse (V) of [a] was also finished. Thus, the development of a new downward impulse or corrective trend is expected in the nearest future.
H4. There’s much likelihood that a first downward zigzag is being formed (A) – (B) – (C). The first two waves of the zigzag are fully completed and the reduce of the price in impulse (C) is expected, as it’s indicated in the chart.