EURJPY Short-term Elliott Wave Analysis 2.19.2016

Revised short term Elliottwave structure suggests decline to 125.74 ended wave W. Wave X bounce is unfolding as a triangle where wave ((a)) ended at 128.25, and wave ((b)) is in progress and expected to complete at 124.9 – 125.5 area before turning higher in wave ((c)).  We don’t like buying the proposed wave ((c)) bounce. As far as wave ((a)) pivot at 128.25 stays intact, the triangle idea remains valid and pair is expected to continue the consolidation and resume lower once the triangle is complete.

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