Article By RoboForex.com
Analysis for September 19th, 2014
In our previous review, “Dynamic triangle. Wave analysis of EUR/JPY for 11.09.2014”, we discussed a possible scenario how the price may continue forming an ascending zigzag (d) of [iv].
Possibly, the market has completed an ascending zigzag (d) of [iv]. Right now, the price is starting the final descending zigzag (e) of [iv], after which the uptrend may continue inside wave [v].
Our mid-term expectations haven’t changed so far. The current chart structure implies that the pair is finishing a long horizontal correction [iv] of C of (C), which may be followed by the final ascending wave [v] of C. One of the main waves of triangle patterns is usually the longest and most complicated, so possibly the third zigzag (c) of [iv] may turn out just this type of wave
However, at the same time one should remember that any possible scenario is subjective and the market may move in a completely different direction.
RoboForex Analytical Department
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Article By RoboForex.com
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
