7.10 – 2009,
Elliott wave is that you will find product which retraces maximum size for W2 which is 76-78% and you will buy that bottom. Any failure offers minimal stops and maximal return. Eur-Jpy jumped at this morning in european session after it retraced 76% of inverse bullish HS pattern. Certainly, it could be impulse allready
Since then in the US session price has declined again (stronger yen) 76-78 % which is where it currently trades. This price is 130,00. If this R3 is able to keep it, there´s chance for big run in here. If it fails, failure could be significant since it seems there´s possiblity Usd-Jpy is on the way to 80.00. Any deeper retracement destroys possibility from W3, then there would be only zigzag´s left.
Long at 130,00, stops 129.82