Quite a number of traders often say that the Elliot Wave Principle has predictive ability. This is because it has been noticed that each wave has certain Fibonacci retracement or expansion level(s) associated with it.
Looking at charts for EURJPY, it seems as through price is ready to put in a top at 142.72 from where we can expect a decent sell off for this pair.
The market stands as final arbiter and would let us know whether or not these assertions are correct.
Until we receive the final score card from the market, I say happy trading to you all.
Summary:
Stay on buy trades for this pair until price gsets to 142.72 after which traders can begin to look out for opportunities to sell.
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