EUR/JPY: weekly wave analysis
Weekly. There continues development of the global upward zigzag which is indicated in the picture. Currently the end of an impulse is being formed [a]. Let’s observe the layout of the site in a more detailed way.
Daily. We have seen the development of a harmonic rising pulse, which looks totally complete (V) after the end of foundation of the complex correctional wave (IV). We see the development of a new descending wave in the last section. Let’s observe its structure in chart H4.
H4. Market forms a downward double zigzag [w] - [x] - [y]. We saw the beginning of the prices’ fall in the new downward zigzag [y] immediately after the completion of construction of the correctional wave [x]. This week the continuation of the descending wave is expected as it is shown in the picture.