Elliott Wave Analysis On EURJPY And SUGAR
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.
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.
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