EURJPY - corrective upward wave progression is about to complete








General overview for 23/11/2016: 


The top of the wave Y (brown) of (b) (blue) has been moved to the level of 118.14 and the whole Elliott wave count has been updated. Currently, the market should start declining to the intraday support at the level of 117.48 because it hit the daily supply zone (marked as a gray rectangle). 


Nevertheless, to confirm this scenario the bears must push the price out of the blue channel and and it would break out below the intraday support . 

Support/Resistance: 

118.47 - WR1 
118.41 - Intraday Resistance 
117.47 - Intraday Support 
116.99 - Weekly Pivot 
116.49 - WS1 
116.24 - Local Low Trading recommendations: 


The corrective upward wave progression is about to be completed or it has already completed, so this is why daytraders should consider opening only sell orders with tight SL and TP open for now.






this material has been provided by instaforex company 


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pipsumo Traderfx

A forex trader who enjoy doing forex naked chart and make profit with forex expert advisor.Also enjoy to socialize with other forex trader in the world.