Elliott Wave Analysis: EURJPY and GOLD
EURJPY bounced almost 300 pips from the low. In fact, pair moved up with nice five waves which is an important indication for a resumption of an uptrend. That said, traders should be aware of even more upside after any three-wave retracement. We see that pullback now in play which may find a support near 120.00.
Gold has five waves down from 1263, so it’s an impulse that belongs to a larger bearish trend. This bearish trend is temporary, an A-B-C move that represents a corrective wave II that can be looking for a drop even to 1210 area before contra-trend move can be finished. So, for now, we must be aware of lower levels once wave B finds a top somewhere at 1242-1250 area.
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