#EURJPY 1 HR #ElliottWave Count

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EURJPY 1 HR Elliott Wave Count

The EURJPY continues the slow sideways to down move.  If it drops below 121.07 then the count is invalid because (3) would be the shortest wave. If that does happen then wave (3) may be 1 of (3) and the C wave continues a little lower.

EURJPY 1 HR Elliott Wave Count

#EURJPY 1 HR #ElliottWave Count

EURJPY 1 HR Elliott Wave Count

I'm thinking we are going to see a 3 wave bounce for b around the 121.00 area.  

EURJPY 1 HR Elliott Wave Count

#EURJPY 1 HR #ElliottWave Count

EURJPY 1 HR Elliott Wave Count

The pair looks to be working on wave iii of (c). 

Continuing to look lower as long as 122.65 holds.

EURJPY 1 HR Elliott Wave Count

#EURJPY 1 HR #ElliottWave Count

EURJPY 1 HR Elliott Wave Count

Price needs to remain below 122.468 for this wave ii correction. 

EURJPY 1 HR Elliott Wave Count

#EURJPY 1 HR #ElliottWave Count

EURJPY 1 HR Elliott Wave Count

Looks like we could have a small impulse down for wave 1 of the C leg.  If so expect a small retrace before moving lower again.

Still looking lower as long as 122.649 holds.

EURJPY 1 HR Elliott Wave Count

#EURJPY 1 HR #ElliottWave Count

EURJPY 1 HR Elliott Wave Count

As mentioned in the EURJPY Daily Elliott Wave Count, the pair has 5 waves up from the 115.87 low.  This 5 waves is either a Leading Diagonal or part of a WXY correction.  Either way Fridays bearish pin bar make me believe the pair is do for a pullback for a corrective wave before moving higher. 

If this correction is b of the red (y) then 119.22 needs to hold.  If it is a b wave correcting the Leading Diagonal then we could see 117.08.

EURJPY 1 HR Elliott Wave Count