Analysis for July 29th, 2014
In our previous review “Dynamic triangle. EUR/JPY wave analysis for 17.07.2014”, we discussed one of the alternative scenarios how price may complete horizontal correction [iv] of C and ascending impulse C of (C).
Mid-term expectations have not changed much. Current chart structure implies that the pair is forming dynamic horizontal triangle[iv] of C of (C), which may be followed by final ascending wave [v] of C. One of the main waves of triangle is usually the longest and most complicated, so possibly the third zigzag(c) of [iv] may turn out just this type of wave.
If this assumption is correct, that in the nearest future the price is expected to form the final waves
(d) and
(e) of [iv] of
triangle[iv] of C of (C).
Presumably, the descending impulse
[5] of c of (c) of
zigzag(с) of [iv] is practically completed. When price completes this
zigzag, the formation of ascending
zigzag(d) of [iv] of C is expected.
However, at the same time one should remember that any possible scenario is subjective and the market may move in a completely different direction.
RoboForex Analytical Department