Have a look at my EURJPY daily chart first
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This 4hr chart however is my alternative view in case we don't see that new leg lower on the daily timeframe.
I will be looking for a wave 4 kind of retrace within the blue channel (counted in blue (iv)) followed by a break lower for wave 5. This could unfold in a harmonic BAT buy pattern. However this is just scenario planning and I will be following this pair closely to see what's next.
A break out of the upper blue non-horizontal trend line followed by some kind of consolidation will be the first sign that this correction is already over and Wave C higher (shown on daily chart) is already in progress.
This 4hr chart however is my alternative view in case we don't see that new leg lower on the daily timeframe.
I will be looking for a wave 4 kind of retrace within the blue channel (counted in blue (iv)) followed by a break lower for wave 5. This could unfold in a harmonic BAT buy pattern. However this is just scenario planning and I will be following this pair closely to see what's next.
A break out of the upper blue non-horizontal trend line followed by some kind of consolidation will be the first sign that this correction is already over and Wave C higher (shown on daily chart) is already in progress.
