EURJPY short-term Elliott wave analysis suggests that the decline from 7/17/2018 peak (131.97) is unfolding as 5 leading diagonal structure in Minor wave A of a possible zigzag correction. The initial decline to 129.39 low ended Minute wave ((i)). Then Minute wave ((ii)) bounce ended at 131.13 as a Flat. Down from there, Minute wave ((iii)) ended at 128.49. The lesser degree cycle of Minute wave ((iii)) also unfolded in 5 waves structure where Minutte wave (i) ended at 130.54. Minutte wave (ii) ended at 131.09, Minutte wave (iii) ended at 129.19 low. Minutte wave (iv) ended at 129.52 low and Minutte wave (v) of ((iii)) ended at 128.49 low.
Up from there, the bounce to 129.47 high ended wave ((iv)) as a Flat correction. Below from there, Minute wave ((v)) is taking place at the moment in another 5 waves structure looking to extend lower 1 more time approximately towards 127.44 200% inverse extension area of Minute wave ((iv)) before ending the Minor wave A lower. In case of further downside extension area, the pair can see 127.29-126.78 100%-123.6% Fibonacci extension area of ((v))=((i)) target area as well before ending Minor wave A lower. Afterwards, the pair is expected to do a bounce in Minor wave B in 3, 7 or 11 swings before pair turns lower again. We don’t like buying the pair.