Elliott Wave Analysis On EURJPY And SUGAR

By: Gregor Horvat | Tue, Jul 19, 2016
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EURJPY

EURJPY is turning down from 118.37 for the last few days. Till now we have seen one leg down labeled as wave A, followed by a bounce up in wave B, which is still only second leg of a corrective set-back. But we know that corrections are made by three waves, so more weakness is expected to show up down into wave C. Ideally market will fall to around 115.00 before it turns up again.

EURJPY, 4H

EUR/JPY 4-Hour Chart


SUGAR

Daily chart of Sugar gives us a nice idea of a large impulsive move taking place from August of 2015 lows. As we see on the chart, price could now be in red wave (3), specifically in sub-wave 4, which can find its support later this summer around the area of a former blue wave iv, where even some Fibonacci ratios of 38.2 and 50.0 can act as turning points higher.

SUGAR, Daily

Daily Sugar Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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