I see EURJPY to have made a five wave structure and made an A wave.
I see the B wave forming and the moving average coming close to touching price action.
I expect to see a downwards move to around the 61.8% level.
Any advice or feeback is appreciated.
This has formed an ABC and it would be no surprise if the market was to fall.
Stops just above the top of (5) and targets at (A) if there begins to show signs of a reversal.
As with wave analysis, structures and views can change. An alternative I see is that the ABC is within the A wave which is drawn . This has finished at 38.2%. This is not uncommon to happen. To confirm either downside or upside a solid flag or stall of price must be provided for entry. At this point, I still believe downside is more likely due to the correction being so short (both in price and time) when compared to the five wave structure, however, if there is a flag which forms around where price is operating now then it would provide good entry for upside as wave 3 begins.
As time has gone on, it did fall as originally predicted, the B wave was an extended wave.