EURJPY Short-term Elliott Wave Analysis 2.17.2016

Short term Elliottwave structure suggests decline to 125.76 ended wave W. Up from this level, wave X bounce is unfolding in a double three structure where wave ((w)) ended at 127.87, wave ((x)) ended at 126.358 and wave ((y)) of X has ended at 128.14. Short term wave “b” bounce is now expected to fail below 128.14 in the first degree for more continuation lower. A break above 128.14 will open extension higher to 129 – 130 area, but as far as 132.31 pivot (second degree pivot) stays intact, it’s still expected to resume lower. We don’t like buying the proposed wave “b” bounce.

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